© Reuters
Investing.com – Le briefly tested the $30,000 threshold on Wednesday evening, marking a low of $29,900, and confirming the strength of the support at $30K, which is an encouraging signal.
Indeed, the hope of seeing a Bitcoin spot ETF soon validated by the SEC continues to support the cryptocurrency, after having been at the origin of the rally displayed the previous week.
It should be recalled that the filing of an ETF proposal by BlackRock (NYSE:), the world’s largest asset manager, had aroused optimism, an optimism which was then maintained by other proposals, in particular from Invesco and Wisdom Tree.
However, as of yesterday, most attention has turned to the proposed Bitcoin spot ETF from Ark Invest, Cathie Wood’s management company.
We learned on Wednesday that Ark Invest has amended its ETF proposal to include a monitoring agreement with the CBOE and an unnamed crypto platform.
However, it should be remembered that if BlackRock’s ETF proposal had aroused so much optimism, it was because it also included a monitoring agreement (with the ), which could respond effectively to the argument of the SEC about the risks of market manipulation.
Knowing that Ark Invest’s proposal now contains a similar amendment, and given that Cathie Wood’s company’s proposal predates BlackRock’s, this effectively positions Ark Invest as first in line to potentially gain the SEC approval.
Commenting on the news, Eric Balchunas, ETF specialist at Bloomberg, pointed out that the SEC’s decision for Ark Invest’s ETF is expected in August. In this regard, he felt that “a delay (of the SEC decision) would be a bad signal for approval, unless they postpone and then approve BlackRock’s proposal, which would show favoritism. »
Note that the SEC’s decision for Ark Invest’s Bitcoin spot ETF is expected on August 13, while no date has yet been set for BlackRock.
The date of August 13 will therefore be marked with a red cross, because a refusal from the SEC could cause Bitcoin to plunge, just as an approval could make it explode upwards.
Recall that Ark filed its first Bitcoin ETF application in June 2021 with global crypto ETF provider 21Shares, an application that was rejected earlier this year by the SEC, which once again invoked the inability to prove that they can prevent market manipulation by cryptocurrency traders.
The SEC, however, last Friday approved the first leveraged ETF on futures contracts on the . The exchange-traded fund, BITX, traded yesterday for the first time, recording a successful launch, with $5.5 million in trades for the day.