Chair

Bitcoin

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The U.S. Securities and Exchange Commission (SEC) is holding <a href="https://twitter.com/EleanorTerrett/status/1742574686196637834" rel="noopener noreferrer nofollow">meetings</a> today with major exchanges including Nasdaq, CBOE, and NYSE.&nbsp;
The focus of these discussions is to finalize comments on the 19b-4 submissions made by Bitcoin (BTC) spot ETF issuers.&nbsp;
This step is crucial as it could potentially pave the way for the much-anticipated approval of Bitcoin ETFs.
<h2 id="indications-of-a-positive-outcome">Indications of a positive outcome</h2>
Eric Balchunas, a senior ETF analyst, <a href="https://twitter.com/EricBalchunas/status/1742580887022125209" rel="noopener noreferrer nofollow">argues</a> that the nature of these final meetings between the SEC and the exchanges is a hint toward a possible approval of the Bitcoin ETFs.&nbsp;
Balchunas points out that the SEC has been engaged in a detailed and collaborative process with the issuers to refine their 19b-4 filings.&nbsp;
This collaboration is a departure from the standard procedure of multiple refilings, indicating a more concerted effort toward a positive outcome.&nbsp;
Despite some analysts of the likes of Matrixport's Markus Thielen predicting a rejection of the ETFs, Balchunas remains optimistic.&nbsp;
He notes that the SEC staff, under the guidance of Chair Gary Gensler, has been dedicatedly working with issuers, which could sway the decision in favor of approval.
<h2 id="a-bitcoin-price-plunge">A Bitcoin price plunge&nbsp;</h2>
As <a href="https://u.today/key-reason-why-bitcoin-btc-price-just-collapsed" rel="noopener noreferrer nofollow">reported by U.Today</a>, the cryptocurrency market experienced a shockwave today as Bitcoin's value abruptly dropped to $41,454. The decline has been attributed this decline to the market's anxiety over the potential rejection of the Bitcoin ETF proposals.&nbsp;
This plunge is particularly notable as it coincides with the 15th anniversary of Bitcoin's genesis block.&nbsp;
Despite earlier bullish forecasts, including a prediction by Matrixport for a surge to $50,000 on ETF approval, the market has reacted bearishly.&nbsp;
The approval of a Bitcoin Spot ETF is seen as a pivotal event that could significantly boost Bitcoin's legitimacy in institutional portfolios and lead to increased investment inflows.

Bitcoin ETF: SEC Meets Exchanges for Final Talks

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