SEC unsurprisingly postponed its decision on the anticipated ETFs this month. The decision didn’t surprise experts who saw low chances for individual ETF approvals. Following the news, Bitcoin‘s price fell below $38,000 again.
Spot Bitcoin ETF Decision Postponed
The United States Securities and Exchange Commission (SEC) has postponed the decision on this month’s final spot Bitcoin ETF application. The agency, which received the application from Franklin Templeton Investments, made the expected move by delaying the decision. However, following the announcement, the price of Bitcoin dropped from $38,100 to $37,947. The SEC is not rushing to make a historic approval decision and is strengthening communication with applicants.
The delayed application by Franklin Templeton Investments came after BlackRock’s move. Experts believe that the $1.5 trillion asset manager’s application might receive a delayed approval if granted, due to its tardiness. On the other hand, Bloomberg experts still hold a 90% probability for a spot Bitcoin ETF approval by January 10th.
In about 40 days, the SEC might deliver good news on the long-awaited ETF matter. Particularly after the Binance exchange came under scrutiny, expectations are high that SEC’s concerns about market manipulation will be proven unfounded. Moreover, concerns about volatility and fraud risk have been invalidated following the approval of futures ETFs (after the GBTC decision).
- SEC postpones ETF decision again.
- Bitcoin price dips post-announcement.
- Hope remains for future ETF approval.
