- Bitcoin’s value briefly peaks at $29,000, bolstered by positive ETF discussions.
- The SEC engages in proactive dialogues with Bitcoin ETF proposers, discussing essential amendments for ETF approval.
The Uptick in Bitcoin Amid ETF Approval Hopes
Bitcoin‘s market value took an encouraging leap on Wednesday, momentarily reaching the $29,000 mark. This climb hints at a further ascent to the anticipated $30,000 threshold, fueled predominantly by the heightened optimism surrounding spot Bitcoin ETFs, a sentiment palpable especially among institutional investors. Sources from Bloomberg divulge that discussions are currently ongoing between spot Bitcoin ETF hopefuls and the US SEC concerning the vital modifications needed for the ETF’s green light.
Constructive Dialogue: SEC and Bitcoin ETF Proponents
James Seyffart, a distinguished ETF analyst at Bloomberg, references a post by legal expert Scott Johnsson detailing the latest alterations that the US SEC has suggested to spot Bitcoin ETF candidates. Crucial points of discussion encompass custodial provisions, compliance with the Generally Accepted Accounting Principles (GAAP), mandatory risk disclosures, and the implications of electricity usage in the Bitcoin mining process.
Spot Bitcoin ETF applicants and the SEC are engaging in rigorous discussions about the requisite adjustments that could lead to the anticipated approval of these ETFs, especially as deadlines draw near. Seyffart expresses optimism, considering these interactions as harbingers of the SEC’s possible nod for the spot Bitcoin ETF. He notes,
“While we can expect further tweaks and revisions in the coming weeks and months, the ongoing discourse, punctuated by feedback and responses, will be pivotal in discerning the SEC’s additional requisites.”
CoinGape Media had earlier shed light on the fact that prominent Bloomberg analysts, Eric Balchunas and James Seyffart, have upped the chances of a spot Bitcoin ETF approval to a hopeful 90%. This followed after notable entities, Ark Invest and 21Shares, revised their respective spot Bitcoin ETF prospectuses. If the SEC accelerates its decision-making, the endorsement might even be aligned with the slated deadline of the Grayscale lawsuit, which aims to transform GBTC into a spot Bitcoin.
Fidelity’s Fresh ETF Proposal Adjustments
In another development, Eric Balchunas indicated that Fidelity Investments has revamped its spot Bitcoin ETF proposal in line with the recent recommendations by the SEC. Concurrently, other potential Bitcoin ETF issuers are diligently updating their applications, signaling a series of further refinements in the coming timeframe.
Buoyed by these spot Bitcoin ETF deliberations, Bitcoin‘s price has surged by 2% in the past day and witnessed a 6% rise over the week. This bullish trend, coupled with substantial institutional acquisitions last week, suggests a possible surge in demand in the upcoming days.
