A critical corner has been entered in spot Bitcoin ETFs, which have the potential to breathe new life into the cryptocurrency market.
A strong helping hand clung to it as Bitcoin was swept away by lawsuits against several crypto exchanges. BlackRock, which manages trillions of dollars in assets, has applied for a spot Bitcoin ETF.
With this application, crypto came to life. The fact that there is a spot ETF in Bitcoin and it is provided by a large corporate company also brought to mind the new bull run. Along with BlackRock, spot Bitcoin ETF applications came from many institutions. However, the US regulator SEC has yet to make a decision on spot Bitcoin ETFs.
SEC’s spot Bitcoin ETF decision pending
A critical corner has been entered in the spot Bitcoin ETF application made by BlackRock and many powerful names with it. The SEC, the US regulator, needs to decide for spot Bitcoin ETFs of Bitwise, BlackRock, VanEck, WisdomTree and Invesco. The date of the decision is shown as Friday, September 1st.
With the decision day approaching, volatility is expected on the Bitcoin side. However, if there is no decision this week, there is no reason for the market to recover.
Possible Big Week in the Making
Potential Grayscale v SEC decision today/Friday, if the ETF experts are to be believed
Along with initial rulings on 5 spot ETFs due Friday
-Bitwise, BlackRock, VanEck, WisdomTree and Invescoinb4 everything delayed pic.twitter.com/wCkoH2lIzr
— db (@tier10k) August 29, 2023
On the other hand, the expectation of the crypto market is that the decision will not be made this week and the delay will come. The ETF fight between Grayscale and the SEC continues. There is a high probability that a decision on this fight will be made in the coming days. As it is known, Grayscale is working hard to approve the Bitcoin ETF service.
If the decision regarding the spot Bitcoin ETF applications is positive, strong bullish candles may come in a short time in Bitcoin. These candles, on the other hand, seem likely to reflect the rise between 5 percent and 9 percent. But if the SEC doesn’t accept the applications, the decline could be exacerbated. In the decision to postpone, which is another option and perhaps the most likely option, the market can continue to move away from volatility.
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