The price of <a href="https://en.coin-turk.com/crypto-market-starts-the-new-week-with-a-rise-here-are-the-highlighted-cryptocurrencies-of-the-day/”>BTC is striving to reach $35,000 again and currently stands at $34,800 as of the time of writing this article. With optimism surrounding the approval of an ETF, investors are showing a greater appetite for risk. In addition, this has led to the cumulative volume surpassing $80 billion once again. However, the most important aspect is the emerging details.
SEC and Spot Bitcoin ETF
Eleanor Terrett, a reporter from Fox Business, shared important information just a few minutes ago. According to her, Hashdex, the applicant for a spot Bitcoin ETF, met with the SEC. Two key points emerged from the meeting held on October 13. This event, which provides a great opportunity to understand the SEC’s approach to ETFs, is extremely important for two reasons.
Firstly, the details regarding the SEC’s concerns. These could be the reasons behind potential rejections of new ETFs. With the excuse of price volatility no longer applicable due to the approval of futures ETFs and the GBTC court decision, the SEC highlighted three issues during the meeting.
- Measures to prevent market manipulation. This is both a major and a minor concern. If the SEC is going to reject them due to the risk of manipulation, shouldn’t it also cancel futures ETFs since they are indexed to the same price? Yes, it should.
- Having a surveillance-sharing agreement with an unregulated market.
- Trading of BTC in unregulated markets.
If we observe an increase in price after October 13, along with the rise in institutional demand, could it be because the meeting went well and some details were leaked? This is not a far-fetched possibility. The price of BTC was not negatively affected by the latest news.
