Bitcoin enthusiasts eagerly awaiting the green light for a Bitcoin exchange-traded fund (ETF) will need to be patient.
Bitcoin enthusiasts eagerly awaiting the green light for a Bitcoin exchange-traded fund (ETF) will need to be patient as the U.S. Securities and Exchange Commission (SEC) has once again deferred decisions on pending applications. The recent eight-day window for potential approvals has concluded without any new ETFs being launched, prompting the SEC to announce a review of the applications in the coming year.
The SEC has postponed approval for a spot Bitcoin ETF from Global X and Franklin Templeton, as well as an application from Hashdex earlier this week. These delays have become a recurring theme as the SEC remains cautious about approving Bitcoin ETFs due to concerns surrounding market manipulation.
Anticipation for the potential approval of a Bitcoin ETF has long been held by market observers who believe it could result in a substantial influx of capital from Wall Street into the cryptocurrency market. Analysts at CryptoQuant suggest that such approval could provide a $1 trillion boost to Bitcoin and other digital assets.
Despite the delays, analysts from Bloomberg Intelligence now estimate a 90% likelihood of a Bitcoin ETF receiving approval by January. Cryptocurrency exchange Coinbase has expressed its preparedness to swiftly respond if a spot Bitcoin ETF is approved, anticipating enhanced market stability and liquidity, similar to what has been witnessed with other asset classes like gold ETFs.
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