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Cryptocurrency News by Tradecoind2
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[QUOTE="tradecoind2, post: 327899, member: 103239"] [HEADING=2]The US SEC is running out of time to approve 12 Bitcoin ETFs starting today[/HEADING] Starting November 9, there will be little time left for the US Securities and Exchange Commission (SEC) to approve the 12 pending Bitcoin exchange-traded fund (ETF) applications. According to analysts James Seyffart and Eric Balchunas, it is possible that the BlackRock iShares Spot Bitcoin ETF and convertible Grayscale Bitcoin Trust will be approved among them. Their rationale: When the SEC itself extended the deadline for pending ETF applications, it chose November 8 as the last day to submit rebuttal comments. It’s also possible that the SEC will approve several funds between now and November 17, but require all to begin trading on the same day. Seyffart wrote on Twitter: “The SEC issued deferral orders simultaneously to BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity & Valkyrie. If the agency wants to allow all 12 filers to appear — as we think — this is the first time frame since Grayscale’s court victory was confirmed.” The Bitcoin ETF will allow investors to gain exposure to the world’s largest cryptocurrency without having to hold the asset itself. Instead, they can buy shares backed by the Bitcoin the issuer has purchased. Seyffart pointed out another caveat: Even if the SEC approved a rule change allowing ETFs to trade, that would be entirely separate from approving the fund’s registration statement. Both filings need to be approved before any pending Bitcoin ETF can begin trading Even if it may take months before the Bitcoin ETF is traded, the recent price increase proves that investors are optimistic about the event. BTC rose more than 20% in October, thanks to hopes that the long-awaited approval of a spot Bitcoin ETF may finally come to fruition. Earlier yesterday, a person familiar with Grayscale’s efforts to convert GBTC into a Bitcoin ETF said that the company is actively discussing its application with the SEC. But a potential Bitcoin spot ETF isn’t just aimed at sending BTC prices soaring. Analysts say that a spot Bitcoin ETF could attract capital inflows of $50 billion to $100 billion over the next five years. This will significantly change the market dynamics of the asset. That could be good news and bad news for Bitcoiners. Some of them said they would be happy if Wall Street giants were no longer sitting on their traditional favorite assets. According to cryptocurrency manager CoinShares, in the past six weeks alone, crypto funds have attracted deposits worth $767 million. [B]Source:[/B] [URL unfurl="true"]https://tradecoind2.com/the-us-sec-is-running-out-of-time-to-approve-12-bitcoin-etfs-starting-today/[/URL] [/QUOTE]
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