The eyes and ears of the cryptocurrency market have been in the spot Bitcoin ETF applications in recent weeks. In the past weeks, while the world’s largest fund companies have applied for ETFs, significant increases have been seen in the BTC price. On the last day of June, new information that confused the markets fell to the public.
The United States Securities and Exchange Commission (SEC) stated that the recent Bitcoin spot ETF applications to the Nasdaq and CBOE have been insufficient, according to the news published in the WSJ. In the news, it was stated that asset managers should change the language in the application text and integrate with a cryptocurrency exchange and apply again.
After this development Bitcoin (BTC), sharp drops in price It was seen and tested below the $30,000 level. But the SEC’s appeals emphasized that refiling ETF applications was good for the process. In the following hours, WisdomTree, VanEck, Invesco/Galaxy and Ark Invest, in particular Fidelity, updated their applications and submitted them again.
Emphasizing that it is a very important development for the crypto money market, the SEC has come to the fore with critical lawsuits for altcoins and stock markets in the past period. It is thought that the positive atmosphere in the markets may continue in the coming period, also with the effect of ETF applications.
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