Today is the day the U.S. Securities and Exchange Commission (SEC) approves (or rejects or postpones) at least one of the 11 pending spot Bitcoin ETF applications according to its own deadlines.
“Official approval is likely to be given sometime between 4-6pm today, when the derby kicks off on Thursday.” said Bloomberg Intelligence analyst Eric Balchunas predicted that if the funds are approved today, they could become available as soon as markets open on Thursday, January 11.
He is one of the ETF analysts who has been closely watching what has been dubbed the “Cointucky Derby.”
The cryptocurrency industry is eagerly waiting for the SEC to approve the position. Bitcoin ETF 10 years in the US. (They have been trading for years elsewhere in the world.) These products allow traders to gain exposure to Bitcoin without actually purchasing or storing BTC.
Potential issuers BlackRock, Fidelity, WisdomTree and Grayscale filed multiple amendments to their S-1 registrations from earlier this week to satisfy the SEC’s comments, which are still in progress. The amendments provided new details on approved participants and fees.
In another last-minute revision, BlackRock and ARK Invest again cut fees for the funds. BlackRock now charges a 0.25% fee for funds and a 0.12% origination fee on the first $5 billion worth of assets under management over a 12-month period.
Meanwhile, ARK 21Shares reduced its fees to 0.21%. The company said it would stick to its plan to completely waive ETF fees until the fund accumulates $1 billion worth of assets or for the first six months, whichever comes first.
SEC rules allow securities regulators to delay a decision up to 240 days after an application is filed. In the case of the ARK 21Shares Bitcoin ETF, the SEC is running out of additional days to delay its decision. Now you can only approve or reject the application.
All of this is happening in the shadow of yesterday’s fake markets. The SEC Twitter account was compromised and used to send “unauthorized” messages claiming that all Bitcoin ETFs were approved.
About 15 minutes later, SEC Chairman Gary Gensler took to his personal Twitter account and warned that the message was fake. But the damage has already been done. The market crashed and Bitcoin fell below $45 early this morning. It has since rebounded slightly and is currently trading at $45,153.03, 3% below yesterday’s price, according to CoinGecko.
Now, US lawmakers have written to Speaker Gensler to “request clarity” on the incident.
Nearly $96 million worth of Bitcoin options were liquidated in the last 24 hours. If we look at the distinction between buying (optimistic) traders and selling (pessimistic) traders, we can see the following facts. About $60 million of the liquidation was used for buy contracts, which were then used for betting. bitcoin price It will rise. the rest were on
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