Bitcoin

Spot

James

<a href="https://en.coin-turk.com/bitcoin-possible-scenarios-and-target-levels/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> briefly dropped to $29,000 this morning, moving towards the psychological level of $30,000. This development occurred amid positive discussions between spot Bitcoin ETF issuers and the US Securities and Exchange Commission (<a href="https://en.coin-turk.com/coinbase-faces-sec-lawsuit-blockchain-association-offers-support/" data-wpel-link="internal" rel="noopener noreferrer nofollow">SEC</a>). Bloomberg ETF analysts stated that spot Bitcoin ETF issuers are in talks with the SEC and are busy making the necessary changes for the approval of ETFs.
<h2 style="text-align: justify" id="strong-spot-bitcoin-etf-issuers-in-talks-with-sec-strong">Spot Bitcoin ETF Issuers in Talks with SEC</h2>
Bloomberg ETF analyst James Seyffart referred to a post by lawyer Scott Johnsson on social media platform X regarding the discussions and feedback provided by the SEC to spot Bitcoin ETF issuers. These changes include custody regulations, compliance with GAAP (Generally Accepted Accounting Principles), risk disclosures, and electricity consumption in mining.
<img decoding="async" class="aligncenter size-full wp-image-267676" src="https://coin-turk.com/wp-content/uploads/2023/10/Spot-Bitcoin-ETF-SEC.jpeg" alt="" width="1280" height="721">
The ongoing discussions indicate that spot Bitcoin ETF issuers are in talks with the SEC to make the necessary changes for the approval of spot Bitcoin ETFs based on the deadline for the latest applications. Seyffart believes that these are signs that the SEC is nearing approval of a spot Bitcoin ETF and stated:
<blockquote>
 “There may be more changes in the coming weeks and months. These changes are a result of feedback and discussions with the SEC. However, it will be interesting to see what the SEC will ask for in relation to the updated applications.”
</blockquote>
Bloomberg ETF analysts Eric Balchunas and Seyffart increased the likelihood of SEC approval for a spot Bitcoin ETF to 90% after Ark Invest and 21Shares updated their spot Bitcoin ETF applications. Analysts also emphasize that if the deadline for converting GBTC into a spot Bitcoin ETF is set for this year, following the favorable outcome for Grayscale in a recent case, it could indicate an earlier approval from the SEC for Grayscale and other ETF issuers.
<h2 style="text-align: justify" id="strong-fidelity-updates-spot-bitcoin-etf-application-strong">Fidelity Updates Spot Bitcoin ETF Application</h2>
Balchunas reported that Fidelity Investments has updated its spot Bitcoin ETF application and resubmitted it after discussions with the SEC and feedback received. Other spot Bitcoin ETF issuers are also updating their applications and are likely to make further changes in the coming weeks and months.
According to CoinMarketCap data, the price of Bitcoin has increased by over 5% in the past week due to positive discussions between the SEC and spot Bitcoin ETF issuers. The price of the largest cryptocurrency is slowly approaching the $30,000 level. Market observers believe that institutional demand for Bitcoin has increased last week and is expected to further rise this week. Continue Reading: <a href="https://en.coin-turk.com/spot-bitcoin-etf-positive-developments-in-sec-talks/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/spot-bitcoin-etf-positive-developments-in-sec-talks/</a>

Spot Bitcoin ETF: Positive Developments in SEC Talks

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