In a difficult context for the entire crypto market for several weeks now, the Securities and Exchange Commission (SEC) of UNITED STATES postponed until October its decision on all applications for exchange traded funds (ETF) on Bitcoin.
These relate in particular to reputable candidates in the global finance sector such as BlackRock, WisdomTree, Invesco galaxy, wise Origin, VanEck, Bitwise And Valkyrie Digital Assetsaccording to documents filed on Thursday August 31 by the US regulatory agency. During the month of July, the SEC proceeded with the review of the latest series of applications regarding the creation of a spot Bitcoin ETF, from both companies originating from the crypto sector and from apartment companies. to the world of traditional finance.
Candidates aim to launch the first bitcoin ETF to encourage private investment and institutional actors towards the dominant crypto-asset in the ecosystem. This news could potentially represent a major event and a massive injection of funds into the sector. In particular because investors could position themselves directly on the Bitcoin without having to deal with the difficulties of creating and managing a crypto wallet.
With the orders passed today, we find that the SEC does not wish to make a firm decision at this time, but has instead decided to extend existing consultation periods and allow more preparation time for the general public. New deadlines for Wise Origin, Galaxy and WisdomTree are set for the October 17, and two days later for Valkyrie. For its part, the deadline for Bitwise is now postponed to October 16.
The regulatory authority has a maximum period of 240 days from the start of the examination of applications to make a final decision of approval or refusal.
The SEC delays its decision to create a spot Bitcoin ETF: what impact on the price of BTC?
In reaction to this relatively gloomy news, the price of Bitcoin recorded a notable downward movement of 4.68% in the last 24 hours, which pulled its price up from $29,408.05 up to the level of $25,989.60.
Moreover, it seems important to point out that this descent is part of a bearish started several weeks ago. Despite an upward surge that only lasted a few days, we see that the price of BTC suffered a drop of almost 11.92% over the monthly period.
According to data from CoinMarketCapthe market capitalization of the dominant crypto-asset in the ecosystem is now fixed at $505.69 billion while its trading volume over the daily period shows a notable increase of 40.26% in comparison with the figures of the day before, so as to pass around $20.28 billion.
Source : CoinDesk