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Bitcoin ETF: Here’s What is on Applicant’s To-Do List on Friday

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As the cryptocurrency market continues to evolve, the spotlight is on the eagerly anticipated Spot Bitcoin (BTC) Exchange-Traded Fund (ETF). Friday marks a crucial day for the applicants vying to launch the first-ever Bitcoin ETF.

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Latest Spot Bitcoin ETF Update

Per a post from Fox Business journalist, Eleanor Terrett, Bitcoin ETF applicants and the Securities and Exchange Commission (SEC) would continue engaging in ongoing discussions and evaluations. Applicants are expected to provide comprehensive proposals addressing regulatory concerns, market surveillance measures, secure custody solutions, and robust trading systems.

Meanwhile, the SEC, on the other hand, will scrutinize these proposals, assessing their compliance with existing securities regulations. Also, the SEC will look closely at investor protection, market integrity, and the overall impact on the financial markets. The SEC is likely to seek clarification, request additional information, or raise concerns during this evaluation process.

It is worth noting that, while the expected timeline of approval and permitted date for launching the ETF trading may be uncertain currently, the consensus amongst traders and investors is currently hinged towards securing an approval for the spot Bitcoin ETF product.

Recently, Mister Crypto, a renowned crypto analyst, stated that he expects a BTC price pump of up to 10% after the Spot Bitcoin ETF is approved. This implies that the BTC price could rally beyond the $48,000 mark, attaining a new high for the year. Also, investment asset manager Bitwise predicted that spot Bitcoin ETF will be approved this year, sending price toward $80,000.

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Impact of Matrixport Induced Market Rout

Meanwhile, Matrixport, the crypto-focused financial services platform shook the crypto community with a bold forecast on Bitcoin price and the SEC’s stance on spot Bitcoin ETF decisions. According to their report, the SEC will reject all pending applications this month, triggering a sharp decline in Bitcoin’s value to a low of $36,000.

Notably, the talk about Bitcoin ETF rejection has ruffled the broad crypto industry, giving rise to new uncertainties. The price of the coin slumped significantly owing to the unconfirmed report from Matrixport.  

However, the ETF filers have fulfilled their obligations by submitting the final amendment of their S-1 filings as mandated by the SEC. As such, the decision of either approval or rejection rests with the agency with market proponents choosing to remain optimistic.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

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