- November 10, 2023
- Posted by: [email protected]
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Bitcoin, the flagship cryptocurrency, is experiencing a significant uptrend, approaching the $37,000 mark with an impressive nearly 4% surge within the last 24 hours. This surge is fueled by heightened speculation surrounding the potential conversion of spot Bitcoin ETFs, a development anticipated to attract substantial institutional investment into the crypto market.
Bloomberg ETF research analysts Eric Balchunas and James Seyffart have revealed an important eight-day window during which the US Securities and Exchange Commission (SEC) might potentially approve all 12 applicants for spot Bitcoin ETFs, beginning as early as November 9th. The analysts estimate a high probability, around 90%, of the SEC granting approval for a Bitcoin spot ETF by January.
The US Securities and Exchange Commission (SEC) has begun discussions with Grayscale Investments to explore the intricacies of the company’s request to convert its trust product, Grayscale Bitcoin Trust (GBTC), into a spot Bitcoin exchange-traded product (ETF). This information comes from a source familiar with the matter, as reported by CoinDesk.
Following a recent legal victory, Grayscale has actively engaged with two critical divisions within the SEC – the Division of Trading and Markets and the Division of Corporation Finance. Both divisions are expected to play pivotal roles in shaping and ultimately granting approval for Grayscale’s ETF application.
Grayscale’s historical association with the SEC stems from its existing product, Grayscale Bitcoin Trust (GBTC). However, when the company sought to introduce an ETF directly holding cryptocurrency assets, the SEC initially rejected the proposal. This denial led to a legal battle, resulting in a federal court panel ruling that deemed the SEC’s rejection “arbitrary and capricious.” Consequently, the court mandated the SEC to rescind its denial, placing Grayscale’s ETF application back in the regulatory spotlight.
As of the latest update, Bitcoin is trading above $36,600, exhibiting a nearly 4% surge in the past 24 hours, according to CoinMarketCap. This upward momentum reflects the heightened anticipation and positive sentiment surrounding potential developments in the spot Bitcoin ETF landscape.
