SEC will reject all bitcoin spot ETFs in January, says Matri | Aalee- on Binance Square

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SEC will reject all bitcoin spot ETFs in January, says Matrixport analyst
This Is Why #BTC 🩸 #FUD Expected As Many Are On #fomo.

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Cryptocurrency ETFs, or exchange-traded funds, are investment funds that track the performance of one or more digital currencies. They offer a way for traditional investors to gain exposure to the crypto market without directly owning the underlying assets. The launch of Bitcoin ETFs has been a significant development, as it opens up access to Bitcoin for institutional and retail investors within a regulated framework. This can potentially increase liquidity and reduce some of the barriers associated with investing in cryptocurrencies. However, it's important to note that while these ETFs provide indirect exposure to Bitcoin's price movements, they also come with their own set of risks and considerations. For example, some Bitcoin ETFs use futures contracts rather than holding actual BTC, which can introduce additional complexities. Regulatory scrutiny is another key factor impacting crypto ETFs' future developments. The SEC has been closely monitoring this space due to concerns around investor protection and market manipulation risks associated with digital assets. Looking ahead into 2024, we may see further regulatory clarity on cryptocurrency ETFs as well as potential launches focused on other digital currencies beyond just Bitcoin. As always when considering investments in this space—whether through direct holdings or via an ETF—it's crucial for investors to conduct thorough research and understand both the opportunities and risks involved. #BTC #etf #BTC-ETF.

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Custodians of our wealth 🙄 #BitcoinETF💰💰💰 #btc $BTC

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#Bitcoin fell on Thursday, extending a decline seen earlier in the week which analysts said was sparked by rumors that U.S. securities regulators may reject applications to create an exchange-traded fund (ETF) tracking the market price of the underlying crypto asset. By 06:11 ET (11:11 GMT), Bitcoin had slipped by 4.63% to $43,069.3. The world's most well-known cryptocurrency had dropped sharply on Wednesday, dragging its value down by as much as 7% from the year's high of $45,922 reached on Jan. 2. Analysts at AllianceBernstein (NYSE:AB) said the coin's correction stemmed from a report from independent crypto trading firm Matrixport regarding the potential approval of a Bitcoin spot ETF by the U.S. Securities and Exchange Commission (SEC). In a note, Matrixport Head of Research Markus Thielen argued that the ETF applications will likely be denied because they fall short of a "critical requirement." Thielen added that SEC Chair Gary Gensler is "not embracing crypto in the U.S., and it might even be a very long shot to expect that he would vote to approve Bitcoin spot ETFs." According to Reuters, the SEC has a January 10 deadline to approve or reject a spot ETF application from Ark and 21 Shares. The ruling could set the precedent for a host of current ETF applications from several other fund managers for a similar product, including one from the world's largest asset manager, BlackRock (NYSE:BLK). Goldman Sachs is also in talks to be an authorized participant for the potential spot Bitcoin ETF funds of both BlackRock and Grayscale, CoinDesk reported on Wednesday. Speculation that the bids would get the green light from SEC partly fueled a more than 100% surge in Bitcoin in 2023. Proponents argue that the approval of a spot ETF will spur a deluge of capital inflows for Bitcoin, given that the product allows traders to invest in the token without directly holding cryptocurrency. Analysts have cautioned that the approval may not trigger as large a bull run as expected. Source :investing.com

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