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Crypto investors, despite their anticipation, are not getting what they want from the US securities regulator. However, there is no need to worry as the decision is a difficult one and the SEC needs to make up for its previous persistent rejections. They constantly issue risk warnings regarding the crypto markets and expect not to be held responsible for the decision they will make.
Spot Bitcoin ETF Decision
As expected, the SEC has delayed the approval of Global X’s spot Bitcoin ETF application. The decision to delay Franklin’s application was also made while the article was being written. Thus, the story of the possible approval of 12 ETFs has come to an end. Although Bloomberg ETF Specialist James made such a good faith prediction, he failed. However, there is still a strong expectation that it will reach 90% by January 10.
With the delay of Franklin Templeton’s application, the ETF news from November has come to an end. After this, we will probably continue to talk about updates in the ETF files. This is a good sign because the SEC did not previously require such updates from applications to which it would give a rejection decision. The updates in the application file indicate that communication has been established and approval is approaching, showing that the inevitable end is near.
Bitcoin Price Prediction
After 4 weeks of green candles, the BTC price has lit its first red candle, and if it closes the week in this way, we may be at the end of the series of increases. Although investors have been hoping for ETF approval this month, the delay was not a surprise. It is possible to talk about an inflated price due to excessive optimism. This may mean that the price is about to enter a period of slight erosion and horizontal movement.
If the erosion in the BTC price continues, we may see a drop to $34,000 and then $30,500 in closes below $34,800. It would not be surprising for the price to reclaim $32,000 and linger in this range after reaching a local bottom. If weekly closes continue below $31,800, it may bring down the price to below $30,000.
At this stage, investors may observe a significant increase in volatility in altcoins.
