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Today’s Cryptocurrency Headline
The Securities and Exchange Commission has decided it needs more time before deciding on whether or not to allow a Bitcoin futures ETF and an Ethereum futures ETFs to convert to spot ETFs, the agency declared Wednesday in separate filings.In response to the September filing for the Hashdex Bitcoin futures ETF application, which proposed converting its exchange-traded fund listed on the New York Stock Exchange into a spot product, the SEC said in a filing that it would take another 45 days before coming to a decision on the matter by Jan. 1, 2024.”The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the SEC said in its statement. Hashdex’s bid to convert an existing Bitcoin ETF into a spot vehicle is unique because the fund manager proposes holding a mix of “Bitcoin Futures Contracts, Spot Bitcoin, and cash” in order to avoid risks of market manipulation.Other major organisations like Fidelity and BlackRock are seeking the approval needed to launch spot Bitcoin ETFs of their own. The promise of spot Bitcoin ETFs gaining approval have helped buoy a rebounding crypto market.
BingX’s Bitcoin Chart
Bitcoin price is up today, rebounding from the Nov. 14 correction to $34,500 and hitting an intra-day high of $37,650. The rally comes after the Bitcoin price briefly touched 1-week lows on Nov. 15. The hype around a spot BTC exchange-traded fund (ETF) is bringing significant inflows to Bitcoin as liquid supply is tightening, pushing prices across the crypto market higher. Despite a bevy of macro headwinds, Bitcoin price continues to push higher, achieving a 126% year-to-date gain and options market data shows traders angling toward the $40,000 level. The price move of the last two weeks sent the Crypto Fear and Greed index firmly in the “Greed” cohort, showing improved market sentiment.To date, the SEC has refused to approve a spot Bitcoin ETF despite numerous applicants, including BlackRock, Fidelity, ARK Invest and 21Shares. The open period for approval lasts until Nov. 17. If the SEC continues the pattern of delaying a spot Bitcoin ETF approval, it remains open until Jan. 10.The support level is at $36,800 and the resistance level is at $37,900.
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