Over the course of the week ending 8/27, the Bitcoin market saw some dramatic changes. Bitcoin settled around $26,000 last week, slightly outpaced by the S&P 500 and Nasdaq, which registered a week-over-week increase of 0.8% and 2.3% respectively. What caught the eye of many investors, however, was the contrasting stagnation of Bitcoin prices last week, reminiscent of the time prior to the filing of BlackRock’s spot Bitcoin ETF application.
Today, Bitcoin prices finally surged by 7%, currently trading at $27,851 as of writing following Grayscale's lawsuit victory against the SEC.
Investor optimism is brewing over the potential approval of a spot BTC ETF in the foreseeable future. Should the ETF be greenlit, it would likely bolster BTC prices above $30,000—a potential recovery trajectory.
This week, the SEC is looking to issue its response on the spot BTC ETF filings from seven asset managers. The first among these is Bitwise Asset Management’s filing expected on 9/1, closely followed by BlackRock’s on 9/2.
After the delay surrounding the decision on the Bitcoin ETF application by 21Shares/Ark earlier this month, it wouldn't come as a surprise if the SEC adopts a similar stall tactic for the other filings due this week.
An important highlight is today's court ruling favoring Grayscale against the SEC’s previous rejection of Grayscale's application to convert its Bitcoin trust into an ETF. This development could potentially expedite the timeline for the approval of a spot BTC ETF.
Regardless, the SEC is clocked with a maximum of 240 days to approve or reject an application after it's added to the federal register, with the deadline for 21Shares/Ark’s application approaching on 1/10/24.
Over recent months, a shift has been
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