The US Securities and Exchange Commission and a few US exchanges have held several meetings over the past few days regarding discussions on Bitcoin exchange-traded funds scheduled to launch this month.
On the other hand, the cryptocurrency financial services platform (Matrixport) expects that the US Securities and Exchange Commission will reject all requests related to launching Bitcoin exchange-traded funds, as this report comes after news that the regulatory authorities in America have agreed to launch these funds. Boxes.
Fox Business has learned that SEC attorneys from the Division of Trading and Markets met on Wednesday with officials from the major exchanges — the New York Stock Exchange, the Nasdaq Stock Exchange and the Chicago Options Exchange — where the ETFs will be traded.
The meetings are seen as a positive sign that the SEC is close to approving some or all of the 10 applications submitted by money managers and major cryptocurrency companies.
While a final decision has not yet been made, sources close to the proceedings say the SEC may begin notifying issuers of the approval on Friday with trading starting early next week. ETF analysts and issuers alike remain confident that a positive SEC decision will be made on or before January 10, as the SEC continues its meetings with major players on the issue.
However, the SEC can deny these requests. Hours before Fox Business reported on Wednesday's meetings, Singapore-based cryptocurrency platform Matrixport issued a research note stating that it expects the SEC to reject all applications for bitcoin ETFs, citing the Democratic majority on the agency's panel of Five members and Chairman Gary Gensler's reluctance to adopt it.
Bitcoin's price fell more than 7% in the wake of this report after surpassing nearly a two-year high of $45,000 on New Year's Day. It is now recorded at $42,825, declining by about 5% in the last 24 hours.
If approved, retail investors will gain greater exposure to the world's largest cryptocurrency at a lower cost than already approved bitcoin futures ETFs.
Purchasing ETFs through trusted, highly regulated money management firms such as BlackRock or Fidelity may also encourage a wider group of investors to add cryptocurrencies to their portfolios.
Cryptocurrencies at 11:38 pm Saudi time
The combined market value of the crypto market during these moments of today’s trading amounted to approximately $1.72 trillion. The trading volume reached approximately $69.69 billion
Bitcoin fell during the last 24 hours to the levels of $42,825, by 5%, while recording weekly losses of 0.5%. Its market value now stands at $844 billion.
While Ethereum, which is the largest digital currency in terms of market value after Bitcoin, fell by about 5.9% during the last 24 hours, to reach $2,212, with weekly losses amounting to 6.5%, and a market value of about $ 268 billion.
The price of Binance Coin BNB/USD rose by 0.6% to record $318.
While Ripple lost approximately 9% of its value, recording $0.57364, while declining by 9.6% in the last 7 days.
Solana fell by 8% in the last 24 hours to $97.8, and is declining by 6.5% in the last 7 days.
Cardano witnessed a decline to $0.5517, by 8.7%, while it declined in the last 7 days by 15.9%.
At the same time, Dogecoin fell to the level of $0.081850, by 10%.
Avalanche AVAX/USD fell by 9.7%, to $36.48, but fell by 11.5% in the last 7 days.
Polkadot also fell by 9.8% in the last 24 hours, to $7.56.
