Yello Paradisers! Buzz swirled on Monday as reports surfaced suggesting that the US Securities and Exchange Commission (SEC) has given the thumbs up to a spot Bitcoin ETF. This news, although still shrouded in uncertainty, prompted a swift reaction in Bitcoin’s price, propelling it to nearly $30K.
📰 A Decade of Delays and Rejections
The SEC’s track record with Bitcoin ETFs has been marked by a series of delays and rejections. While several futures-based BTC ETFs have received the SEC’s approval, the agency has consistently postponed or turned down every spot ETF application for nearly ten years. The crypto community’s hopes were reignited earlier this year when BlackRock, the world’s premier asset manager, submitted an application to launch a spot Bitcoin ETF. However, the SEC held off on making a conclusive decision on BlackRock’s proposal and several other subsequent applications.
📰 Immediate Market Reaction
On October 16, Monday, whispers began circulating from multiple sources that the SEC had at last sanctioned a spot Bitcoin ETF for US investors. Bitcoin’s price, already on an upward trajectory, reaching $28,000 earlier in the day, soared by an additional $2,000 in response to the rumors. Consequently, Bitcoin touched its loftiest price point in over two months, nearing the $30,000 mark. Yet, as the news remains unconfirmed, Bitcoin has since pulled back, dropping by approximately $1,500.
ParadiseTeam.
