Spot Bitcoin ETF decision by the SEC could be out by January 3: Reuters report
- Spot Bitcoin ETF issuers could hear from the SEC as soon as Tuesday or Wednesday according to a Reuters report.
- ETF issuers are meeting their end of the year deadline for filing revisions in order to prepare for a probable launch on January 10.
- Bitcoin price resisted a correction, sustained above $42,000 on Sunday.
A recent Reuters report said that sources who spoke on the background of ETFs said that the Securities and Exchange Commission (SEC) may notify issuers as soon as Tuesday or Wednesday. It is likely that the SEC informs the issuers that they have been cleared to launch the following week.
Also read: Bitcoin Spot ETF wars: Bitwise S-1 filing reveals $200 million seed, beats BlackRock’s $10 million
SEC could share its decision on Spot Bitcoin ETFs soon
Spot Bitcoin ETF approval is anticipated by market participants as it is expected to act as a catalyst for BTC price. Traders expect an approval of a Spot Bitcoin ETF to support a bullish thesis for BTC price ahead of the halving scheduled for April 2024.
A Reuters report said that the SEC may notify issuers of the clearance to launch the securities product as soon as Tuesday or Wednesday. Sources revealed that an approval on the securities product is likely and the financial regulator may inform Spot Bitcoin ETF issuers ahead of the January 10 deadline.
The Ark/21Shares Bitcoin Spot ETF deadline is January 10 and Bloomberg ETF analysts believe there is a 90% likelihood of an approval by this date.
Bitcoin price sustained above the $42,000 mark on Sunday, despite a few on-chain metrics flashing bearish signs.
At the time of writing, Bitcoin price is $42,192 on Binance, the asset yielded nearly 3.31% weekly losses for holders.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
