In a surprising turn of events, the recent buzz around the U.S. Securities and Exchange Commission (SEC) potentially finalizing comments on spot Bitcoin exchange-traded fund (ETF) applications has not significantly impacted the price of Bitcoin (BTC). Despite the heightened anticipation and industry speculation, the king of cryptocurrencies remained relatively stable, challenging expectations of a market shake-up.
Fox Business journalist Eleanor Terrett reported that the SEC held pivotal meetings with major U.S. stock exchanges, including the New York Stock Exchange (NYSE), Nasdaq Stock Market (Nasdaq), and Chicago Board Options Exchange (CBOE), to discuss the 19b-4 forms submitted by aspiring Bitcoin ETF issuers. These forms, filed by Self-regulatory organizations (SROs) like stock exchanges and financial regulatory bodies, are a necessary step in informing the regulator about proposed rule changes and ensuring that these amendments are publicly recorded.
The crypto community has been closely monitoring the SEC's actions, as the approval of spot Bitcoin ETF applications from 13 hopeful issuers could significantly unlock opportunities and provide more traditional investment avenues into Bitcoin, the world's leading cryptocurrency by market capitalization. However, it's crucial to remember that the agency has a history of rejecting spot Bitcoin ETF applications, casting a shadow of uncertainty over the proceedings.
Despite the major implications of these meetings and the industry's anticipation of a possible Wednesday announcement, Bitcoin's value remained largely unaltered. Earlier in the week, Bitcoin surged above the $45,000 mark following rumors that the SEC would soon disclose its decision on the ETF applications. Nevertheless, its value dipped to around $40,000 after research suggested a potential blanket rejection of all applications this month.
As of early Thursday morning, Bitcoin was trading at $42,913.05, marking a 5.15% decrease in value over the past 24 hours and a slight 0.07% loss over the last seven days. Despite the flurry of SEC-related activities and market rumors, the 24-hour trading volume for Bitcoin was up by 58.98% at $47.27 billion, indicating robust market activity.
Bitcoin's resilience in the face of these potentially groundbreaking regulatory discussions highlights the complex and often unpredictable nature of cryptocurrency markets. With a current circulating supply of 19.59 million BTC and a market cap of $840.81 billion, according to CoinMarketcap, Bitcoin continues to dominate the crypto space, seemingly unfazed by regulatory winds and market speculations. As the SEC continues its deliberations and the industry awaits its rulings, Bitcoin's steady stance serves as a testament to its established position in the financial landscape.
