The Great Crypto Holdup: SEC Delays Decision On Landmark ETF Applications
Portfolio Pulse from Murtuza Merchant
The SEC has postponed decisions on two cryptocurrency-related ETF applications: Hashdex's proposal to convert its Bitcoin futures ETF into a spot Bitcoin ETF and Grayscale's bid to launch an Ether futures ETF. The initial decision deadline of Nov. 17 has been extended, with no new date provided for Hashdex and Jan. 1, 2024, set for Grayscale. Despite historical rejections of similar products and concerns over market manipulation, the price of Bitcoin has risen by over 5% following the news.
November 15, 2023 | 8:31 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Bitcoin's price increased by over 5% despite the SEC's delay in deciding on the conversion of a Bitcoin futures ETF to a spot ETF and a new Ether futures ETF.
The price increase of Bitcoin following the SEC's announcement indicates a positive market sentiment or other factors influencing Bitcoin's price more than the regulatory news.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Hashdex's Bitcoin futures ETF, which is seeking to convert into a spot Bitcoin ETF, has faced a decision delay from the SEC. The market has not reacted negatively to this news.
While the SEC's delay might typically be seen as a negative, the lack of a negative price reaction in Bitcoin suggests that the market had already priced in the possibility of a delay or is indifferent to this specific regulatory decision in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Grayscale's Ether futures ETF decision has been postponed by the SEC, with a new deadline set for Jan. 1, 2024. The article does not mention any immediate price reaction for Ether.
The article does not provide information on Ether's price reaction to the SEC's delay, suggesting that the news may not have had a significant short-term impact on Ether's price or that the market's focus was elsewhere.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60