Crypto Market Overreacted To US SEC Bitcoin ETF News – Crypto News – Crypto News
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Crypto Market Overreacted To US SEC Bitcoin ETF News – Crypto News

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2 years ago

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Crypto Market News: Following the recent upsurge in Bitcoin price over the recent wave of spot Bitcoin ETF applications from financial bigwigs, the US Securities and Exchange Commission (SEC) cited technical discrepancies in the filings. This led to a reversal in trader sentiment as bitcoin price briefly plunged before recovering on Friday. The recent spree of spot exchange Bitcoin traded funds (ETFs) filings from Blackrock, Valkyrie, Bitwise, Invesco, Fidelity and WisdomTree catapulted the crypto market prices in the last two weeks.

Also Read: Bitcoin Supply on Exchanges Hits 5-Year Low Amidst Growing Investor Demand

A Wall Street Journal report on Friday cited sources in the SEC officials as saying that the recent spot ETF applications are inadequate. The regulators said the filings were not clear and comprehensive as details of the surveillance sharing agreement with crypto exchanges was missing. However, this is most likely to be a request to refile on the grounds of incomplete information in the filings.

Bitcoin Price Showed Overreaction?

Reacting to the market reaction to the US SEC news on the filings, popular analyst Will Clemente said the traders might have overreacted to what was just a technical concern that Blackrock and Fidelity can fix in the refilling. Hence, the refillings from the asset managers could have a mention of Coinbase as the Bitcoin exchange they are linked with to have the surveillance sharing agreement.

If and when the SEC decides on the spot Bitcoin ETF filing officially, it could turn out to be a huge market moving event for a long time ahead. It may be recalled that in the recent SEC lawsuits, many felt that US based crypto exchange Coinbase was treated differently in comparison to the harsh charges leveled against Binance CEO CZ, although both the cases involved violation of securities laws.

Also Read: Ripple Partner Volante Completes FedNow Testing With Custodian Bank, XRP To $1?

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Anvesh reports major crypto updates around regulation, lawsuits and trading trends. Published around 1,000 articles and counting on crypto and web 3.0. He is currently based in Hyderabad, India. Reach out to him at anvesh@coingape.com or twitter.com/BitcoinReddy

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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