- Investor anticipation for an early January approval of a spot Bitcoin ETF faces setback per a report by a Fox Business reporter.
- The SEC is in the process of reviewing S-1 filings by potential issuers, with a potential delay of about two weeks in the approval process.
- The SEC chair attributes the delay to worries regarding fraud, market manipulation, and the protection of investors.
- Despite the absence of an immediate ETF green light, Bitcoin's value soared beyond $45,000 on Monday, marking its peak since May 2022.
Investors had high expectations for January 2024, anticipating a Bitcoin spot ETF approval to send Bitcoin soaring to remarkable heights. Yet, as January arrived, optimism collided with uncertainty. Fox Business reported a potential setback in the anticipated ETF approval, revealing the SEC's meticulous scrutiny of S-1 filings for spot Bitcoin ETFs. Eleanor Terrett, a voice in the crypto niche, highlighted the SEC's ongoing evaluation of modifications within these filings. This process mirrors the scrutiny preceding the approval of Ethereum futures ETFs in October 2023. Despite the potential proximity of a decision—possibly this week—the SEC’s commitment to ensuring safety and preventing fraud and market manipulation seems to be elongating the process.
In the race towards approval, various asset managers like Valkyrie, Fidelity Investments, ARK Invest, Grayscale, WisdomTree, and Invesco actively engaged with the SEC, altering their filings to address concerns and meet regulatory standards. However, despite the deadline set for January, the SEC's caution, led by Chairman Gary Gensler, centers on safeguarding investors amidst the cryptocurrency's volatile nature and potential risks of market manipulation.
The delay hasn't stunted Bitcoin's upward trajectory entirely. The anticipation alone has fueled a surge in Bitcoin’s price, breaching $45,000 according to CoinMarketCap. As of now, it continues to trade around $45,500, marking a 6.7% increase in the last day.
Remember, the information provided aims for accuracy but doesn’t guarantee absolute precision. Cryptocurrencies demand careful consideration and independent research before making any financial decisions due to their inherent volatility.
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