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Several reports surfaced on Monday indicating that the US Securities and Exchange Commission has finally approved a spot Bitcoin ETF.
In spite of the ongoing ambiguity surrounding the announcement, BTC’s price experienced an immediate increase to approximately $30K.
- While the SEC has authorized multiple futures-based BTC ETFs, the regulatory body has postponed and denied every spot ETF application for nearly ten years.
- Earlier this year, optimism grew when the world’s largest asset manager – BlackRock – submitted a proposal to initiate such a project.
- However, the SEC postponed reaching a final verdict on BlackRock’s application, along with several others that quickly followed the major asset management firm.
- On Monday, October 16, reports emerged from various sources stating that the Commission has finally sanctioned such a product for US investors.
- The price of the underlying cryptocurrency responded with an immediate increase. It had already risen to $28,000, as noted earlier today, but the excitement surrounding the potential approval propelled it up by about two thousand dollars.
- Consequently, bitcoin surged to its highest price in over two months, nearing $30,000. Nevertheless, BTC has already retraced by approximately $1,500, as the news remains unverified.
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BTCUSD 3 min. Source: TradingView
- Update: Shortly after the announcement, several media outlets commented on the situation, dismissing the rumors. BlackRock was among the first to respond, with company representatives reportedly stating that the iShares spot BTC ETF proposal is still under consideration.
- As anticipated, the cryptocurrency’s price declined further, dropping back down to around $28,000.
This is a developing story. Please check back for updates.
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