Briefly-
- The SEC has extended its VanEck BTC ETF proposal review once again.
- Since the regulator has delayed its decision for a second time, it is the last chance for cryptocurrency ETF approval.
- The agency will conclude the ruling on 14 November.
The Securities and Exchange Commission (SEC) decides to extend its VanEck BTC ETF (exchange-traded fund) proposal review. The regulators declared that it would decide whether to reject or approve the ETH on 14 November.
SEC Postpones VanEck ETF Decision Once More
VanEck filed the BTC exchange-traded funds application in 2020 December. Since then, SEC has been delaying and extending its review term without any explanation. For now, the agency said that it would extend the duration to disapprove or approve the rule change in the coming two months.
Keep in mind that there are no BTC ETFs permitted in the US at the moment. That is because of the concerns surrounding price influence by the securities agency. Meanwhile, crypto exchange-traded funds have gained traction globally as they allow cryptocurrency investors to explore virtual tokens without holding the core token.
As the New York asset manager awaits approval, multiple firms anticipate the regulator’s decision on their cryptocurrency ETFs. The companies include SkyBride Capital, Ark Invest, and One River Management.
Since the financial regulator has the chance to extend its contemplation period for the anticipated ETFs 3-times, 14 November will be the final day on whether the Bitcoin ETF by VanEck will join the financial industry.
Most BTC exchange-traded funds filed by the regulators relate to the Bitcoin spot market. Gary Gensler declared approval of cryptocurrency ETFs that don’t offer direct cryptocurrency exposure. Moreover, the SEC Chair said that he would prefer funds with futures exposure.
Bitcoin Bulls Need to Act for an Uptrend
BTC appears to recover from the sudden crash on 7 September. The flagship asset trades over critical support but finds it challenging to overpower its obstacle. The 200 4-Hr SMA around the 61.8% FIB retracement at $47,747 seems the crucial barrier BTC has to overcome. The following barriers are the 100 four-hr. at $48,592 and 50-four-hr at $49,173.
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