Grayscale Files Updated Spot ETF As Bitcoin Barrels Past $37,000
2023年11月23日 - 6:30PM
NEWSBTC
The asset manager Grayscale has filed an updated Spot Bitcoin ETF
filing following its meeting with the Securities and Exchange
Commission (SEC). The foremost cryptocurrency, Bitcoin, also
rebounded on the back of the news as it crossed the $37,000 mark
once again. Why Grayscale’s Filing May Be Significant In its filing
dated November 22, Grayscale made some amendments to the original
S-3, which it had previously filed with the SEC. As pointed out by
prominent finance lawyer Scott Johnsson, the changes include some
new risk factors. Some of these risk factors are said to match that
of ARK Invest’s relating to expanded disclosure of fraud and
manipulation risk. Related Reading: Cardano Forecast: Crypto
Analyst Identifies The Event That Could Send ADA Price To $11
Johnsson noted that the amended risk factors are important because
their inclusion is most likely a directive from the SEC. Meanwhile,
fraud and manipulation had served as the grounds why the SEC had
disapproved Grayscale’s initial application. Therefore, the lawyer
believes that the SEC directing Grayscale to include could mean a
“concession” that it is no longer a “roadblock.” As highlighted by
Johnsson, Grayscale’s revised filing is significant, especially
considering the fact that it has met with the SEC division
responsible for approvals right before it. As such, one could
assume that it has gotten direction on how to ensure compliance in
the hopes that approval could come soon. Meanwhile, it would
seem that other potential issuers are also in talks with the SEC.
Bloomberg Analyst James Seyffart had recently mentioned hearing
rumors of such. If true, that could mean that the SEC is more open
to approving these ETFs. Spot Bitcoin ETFs Providing Momentum To
Crypto Market Bitcoin rallied past $37,000 on the back of
Grayscale’s filing. This price movement signifies the impact that
the Spot Bitcoin ETF narrative has on the market. This is also not
the first time that news around Spot Bitcoin ETF has provided
momentum to the market. In October, Bitcoin touched $30,000
for the first time in months on the back of a false CoinTelegraph
post. Although it was false, many instantly realized the impact
that an approval of these funds could have on the market.
Meanwhile, shortly after that, Bitcoin and the whole crypto market
continued to rally on the back of the narrative. Related
Reading: Ripple Integration With ISDA Ushers In $1.2 Quadrillion
Market, Can XRP Breach $100? During that period, Bitcoin crossed
$35,000 on the back of news that BlackRock iShares Bitcoin Trust
had been listed on the Depository Trust & Clearing Corporation.
BlackRock had also revealed plans to begin seeding during that
period. While everyone in the market continues to hold on to
speculation, many will hope that the projection of approval by
January 10, 2024, comes true. At the time of writing, Bitcoin
is trading at around $37,300, up over 2% in the last 24 hours
according to data from CoinMarketCap. BTC price above $37,400 |
Source: BTCUSD on Tradingview.com Featured image from Regtech
Africa, chart from Tradingview.com
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