Screeching halt of bull rally & ETF Approval Speculation:
The price of Bitcoin recently took a hit, falling by almost 10%. This drop comes in the wake of speculations surrounding the approval of a Bitcoin spot ETF, following Bitcoin's surge to a near two-year high of $45,000. As you can see from the charts, the market experienced a notable shift after reaching that impressive $45,000 mark. The anticipation of a spot ETF approval had played a significant role in driving the price up, but it seems the market responded differently than expected.
SEC and its role:
The Securities and Exchange Commission (SEC) has been closely watched in this regard. According to an SEC spokesperson who spoke to FOX Business, if the Commission declares a registration statement effective, it will be reflected on EDGAR. Any Commission 19b-4 orders will be posted on their website and then published in the Federal Register.
Lack of response from NYSE, Nasdaq, and CBOE:
Interestingly, press officials from major exchanges such as NYSE, Nasdaq, and CBOE haven't provided immediate comments on the situation. This adds an element of uncertainty to the current scenario.
Potential benefits of ETF approval and conclusion:
Now, let's talk about what could happen if the approval does go through. Retail investors might gain greater exposure to Bitcoin, the world's largest cryptocurrency, at a lower cost compared to the already approved Bitcoin futures ETF. This could potentially open the doors for a larger pool of investors, especially with the involvement of trusted money management firms like BlackRock or Fidelity.
For daily trading signals you can follow the below links to join my YouTube or Patreon memberships:
https://www.youtube.com/@moon333/membership
https://www.patreon.com/moon333