The Delay of Spot bitcoin ETF Approval
Investors were eagerly awaiting the approval of a spot bitcoin ETF, but the SEC has decided to delay the approval decisions for at least a few months.
bitcoin‘s Price Maintained Despite Delay
This delay comes as bitcoin‘s price had been trending upwards, reaching $37,000. However, the price has held steady despite the postponed ETF approval.
Approvals May Only Happen in 2024
A window for ETF approvals opened on November 10, 2023, with entities like BlackRock applying. This brought bullish sentiment to the market, but the SEC’s announcement of no approvals cast doubt.
Concerns Regarding the Current ETF Applications are Being Raised
Past rejections due to market manipulation concerns have led to skepticism from the SEC. The SEC may demand clearer separation between entities before considering approval, as close relationships could lower chances of approval.
Uncertainty Surrounding Future Approvals
The SEC has not provided a timeline for when the window for approvals will open again or what factors will be considered in the selection process for the highly anticipated ETF.
### News source: zycrypto.com