The SEC has been deliberating about twelve spot Bitcoin ETF filings since November 9. Grayscale Investments’ move with its Grayscale Bitcoin Trust product is among those under consideration; decisions must be made by November 17.
Investors and supporters of bitcoin are anxious to see how the SEC responds to their applications for 12-spot Bitcoin ETFs. The market is tense due to this approval window, which runs from November 8 to November 17.
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The SEC has been opaque, keeping everyone in the dark regarding the status of the ETF applications, and there are just four days remaining until the current window expires. The price of Bitcoin fell over the weekend due to this ambiguity, and everyone is now impatiently awaiting clarification.
November 17 Decision: Will the SEC Approve Bitcoin ETFs?,November 17 Decision: Will the SEC Approve Bitcoin ETFs?
Remaining in Waiting
Although the time for quick approval is expiring, the SEC’s final decision-making date is not until January 10, 2024. The uncertainty surrounding the bitcoin market is increased by this extended timetable.
James Seyffart, an analyst for Bloomberg ETFs, believes that if approvals occur, they would probably happen closer to January. Investors are a little gloomy as a result of this uncertainty and worry about a possible market collapse.
Saylor Does Not Give Up
MicroStrategy inventor and Bitcoin advocate Michael Saylor has intervened in an attempt to infuse hope among the waning favourable feeling. Saylor has stated that a halving of the supply and a probable 10x rise in demand for Bitcoin are expected to occur in the upcoming year.
Market Analysis of Bitcoin
According to Coinpedia, the current price of bitcoin is $36,467, which is slightly over the critical support level of $36,833. Analysts believe that the current three-day drop points to a possible correction, and that further influence on Bitcoin prices might come from the SEC’s inaction or delays in approving ETFs.
Anything Could Happen Here…
On the one hand, a decrease that would test the support line at $33,901 might result from the possible absence of permission. However, if the SEC grants approval for the 12 spot Bitcoin ETF filings by November 17th, then the price of Bitcoin may rise, maybe even over $40,000, defying the pessimistic narrative.
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The bitcoin market is a fascinating arena where every choice and statement has a tangible influence in these unsettling times. The SEC is the centre of attention for the cryptocurrency community as November 17 draws near.
November 17 Decision: Will the SEC Approve Bitcoin ETFs?,November 17 Decision: Will the SEC Approve Bitcoin ETFs?,November 17 Decision: Will the SEC Approve Bitcoin ETFs? , Bitcoin Crypto news, Bitcoin News