Finalizing Bitcoin ETF Comments: SEC Holds Important Conversations With Principal Exchanges

In a significant development leading up to the impending decision on the approval or rejection of the first spot Bitcoin ETF in the United States, FOX reporter Eleanor Terret has shed light on a key development. 

According to Terret’s report on X (formerly Twitter), the US Securities and Exchange Commission (SEC) will hold talks today to discuss the final comments on the 19b-4s applications submitted by Bitcoin ETF issuers.

  1. SEC Discusses Final Comments: The US Securities and Exchange Commission (SEC) is currently in discussions with major exchanges, including Nasdaq, CBOE, and NYSE, to address final comments on the 19b-4s applications submitted by Bitcoin ETF issuers.
  2. Significance of Meetings: The SEC has previously engaged with issuers and exchanges, such as BlackRock and Nasdaq Stock Market, regarding the proposed rule change for listing and trading shares of the iShares Bitcoin Trust. The meetings hold significance as they provide issuers with an opportunity to address application shortcomings and potentially gain approval for Bitcoin ETFs.
  3. Matrixport’s Prediction and SEC Chair’s Stance: Matrixport predicts potential rejection based on SEC Chair Gary Gensler’s negative stance towards the industry and an undisclosed requirement that applicants may lack. However, the exact deadline and confirmation of this prediction remain unknown.
  4. Uncertain Outcome and Implications: The outcome and implications of the ongoing meetings are uncertain. It is unclear whether the exchanges or the SEC will issue statements, leaving the decision to approve or reject the Bitcoin ETF applications hanging in the balance.
  5. Bitcoin Price Correction Predictions: Analyst Crypto Con highlights the “overheated state” of Bitcoin data, suggesting a potential correction of over 30%. Indicators include Puell Multiple, 2 Week LMACD, monthly RSI, 2-week SMI, weekly RSI, and weekly DMI. Despite recent recovery, a correction to the low $30,000 range is anticipated in the coming months.
  6. Market Recovery and Patient Holding: Bitcoin has rebounded to $43,000 from a drop to $40,800. Crypto Con, while predicting a correction, intends to hold onto his Bitcoin and patiently await the “true cycle top.” The market awaits further updates to understand the stances of exchanges and the SEC in the quest for a regulated Bitcoin ETF in the United States.

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