How Will BTC Price React To US SEC Spot Bitcoin ETF Deadlines?
With the U.S. Securities and Exchange Commission (SEC) scheduled to deliver updates on several spot Bitcoin ETF filings in the first week of September 2023, the debate is back to the hype around chances of ETF approvals. This is despite the high chances of the SEC delaying the decision with no concrete updates, including for the Blackrock application.
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Upcoming Spot Bitcoin ETF Deadlines For US SEC
The iShares Bitcoin Trust filing by Blackrock is set for the September 2, 2023 deadline, whereas the Bitwise Bitcoin ETP Trust filing is set for September 1, 2023. Besides these, four other filings have September 3, 2023 as the first deadline whereas the Valkyrie Bitcoin Fund is set for September 6, 2023. Meanwhile, a new applicant has recently joined the spot Bitcoin ETF race. Earlier, Hashdex, a crypto asset management firm, filed an application for holding spot Bitcoin in its Bitcoin futures ETF.
All of the spot #Bitcoin ETF filings have been resubmitted
The ball is back in the SEC’s court 👀 pic.twitter.com/H3GCrFPUYb
— Bitcoin Magazine (@BitcoinMagazine) July 5, 2023
BTC Price Impact
While the SEC could most likely delay the decision, any small hint of an approval could likely spur a crypto market rally, at a time when the BTC price dropped after having maintained sideways movement for quite some time. On the contrary, the agency officials may continue to enforce regulatory actions against crypto business, as was done with top crypto exchanges Binance and Coinbase in June 2023.
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