Last Updated on November 19, 2023 by Bitfinsider
When news broke that the US Securities and Exchange Commission had an eight-day window to accept all spot crypto exchange-traded product applications, the price of Bitcoin surged beyond $37,000, reaching an 18-month high. Investors interpreted the news as bullish, seemingly anticipating the launch of a spot Bitcoin ETF.
However, that window has already closed, and the long-awaited crypto vehicle has yet to be released. Rather, the SEC has delayed decisions on pending applications, as it has done previously, and will now revisit them in the new year.
The SEC today postponed approval of Global X’s spot Bitcoin ETF, which had an initial deadline of November 21. It also postponed a decision on an application for the same from asset firm Franklin Templeton. The Commission delayed Hashdex’s proposal for its own Bitcoin ETF earlier this week.
The SEC has received proposals for a Bitcoin ETF from a variety of traditional finance titans, including BlackRock, VanEck, and WisdomTree. If approved, the investment vehicle would allow investors to obtain exposure to BTC without having to buy and hold the cryptocurrency themselves.
Market experts have long predicted that such a product will open the floodgates from Wall Street, resulting in a large influx of funds into cryptocurrency markets. CryptoQuant blockchain data analysts believe it might result in a $1 trillion increase for Bitcoin and other digital assets.
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