Bitcoin Hits $29K, SEC In Constructive Talks With Bitcoin ETF Issuers: Bloomberg Analyst

Bitcoin price briefly touched $29,000 on Wednesday in a move toward the $30,000 psychological level. It comes amid positive sentiment due to Bitcoin ETF talks in the market, especially from institutional investors. Bloomberg analysts said the spot Bitcoin ETF applicants are in discussion with the US SEC regarding changes required for approval of Bitcoin ETF.

Spot Bitcoin ETF Issuers In Talks With the US SEC

Bloomberg ETF analyst James Seyffart cites a post on X by lawyer Scott Johnsson regarding recent amendments recommended by the US SEC to spot Bitcoin ETF issuers. These include discussions on custodial arrangements, adherence to GAAP, risk disclosures, and electricity consumption in mining.

Spot Bitcoin ETF applicants are in talks with the SEC on required changes to consider approving spot Bitcoin ETFs as per the deadline. Seyffart believes these are positive signs of considering an approval of spot Bitcoin ETF by the SEC.

“That said there’s likely to be more amendments over the coming weeks and months. It’s an ongoing dialogue with feedback and responses etc. But will certainly be interesting to see what else the SEC may want in these documents.”

CoinGape Media earlier reported that Bloomberg analysts Eric Balchunas and Seyffart increased the odds of a spot Bitcoin ETF approval to 90% after Ark Invest and 21Shares updated its spot Bitcoin ETF prospectus. The approval by the SEC can come earlier if the deadline for the Grayscale lawsuit to convert GBTC to spot Bitcoin comes this year.

Fidelity Updates Its Spot Bitcoin ETF Filing

Eric Balchunas shared that Fidelity Investments has amended its spot Bitcoin ETF with recent recommendations by the U.S. SEC. Other Bitcoin ETF issuers are also updating their spot Bitcoin ETF applications, with more changes likely coming in weeks and months.

BTC price has jumped 2% in the past 24 hours and 6% in a week amid spot Bitcoin ETF talks. The price is slowing moving toward $30,000 amid positive sentiment. Bitcoin saw massive buying by institutional investors last week, analysts expect to rise in demand this week.

Also Read: Was Monday’s Bitcoin Pump Dump Planned? Crypto Analyst Urges SEC Investigation