Bitcoin on a roller coaster after SEC drama
Shortly after the market close on Tuesday, the SEC's X account posted an announcement that it had approved bitcoin ETFs to begin trading, something that has been widely anticipated by the crypto market. That post was made by an imposter and was deleted soon after. About 15 minutes after SEC's imposter post, SEC chair Gary Gensler said from his X account that no bitcoin ETFs had been approved. “The SEC’s @SECGov X/Twitter account has been compromised. The unauthorized tweet regarding bitcoin ETFs was not made by the SEC or its staff,” an SEC spokesperson told CNBC. The price of bitcoin briefly spiked after the initial post, but then quickly slid below $46,000. Source: Bloomberg, CNBC, HolgerZ
Bitcoin $BTC Spot ETFs could trade at an 8% premium relative to the underlying asset warns GTS market maker Reggie Browne
Source: Barchart
Grayscale Bitcoin Trust $GBTC traded close to half a billion on Monday
which is more than 99% of the 3000 current ETFs, and reminder that they are bringing a (volume) gun to a knife fight if they launch with everyone else. That said, the 1.5% fee will act as a repellent at a time when the big asset managers plan to launch spot BTC ETF at 0% or super low fees. Source: Eric Balchunas, Bloomberg
BREAKING‼️ Global banking giant Standard Chartered says $50-$100 BILLION could flow into Bitcoin ETFs in 2024
Source: Bitcoin Archive
BREAKING bitcoin spot ETF: the fee war has begun
Bitcoin ETF applicants are filing last-minute amendments to lower their fees 👀 BlackRock's lowered to 0.30% 👀 ARK lowered lowered to 0.25% 👀 Wall Street is competing to offer cheap access to $BTC... Source: The Kobeissi Letter, Bitcoin Magazine
Volatility on bitcoin is likely to increase as conflicting news regarding a bitcoin spot ETF approval by SEC continue to come out
Uncertainty.
UPDATE -> Bitcoin $BTC price dumped 9% in 1 hour on the basis of a report by Matrixport predicting an SEC rejection of ALL Bitcoin ETF applications
Their justification? Politics. - 5 voting commissioners are Democrats. - Democrats don't like 'crypto'. - Applicants haven't satisfied the SEC's requirements. - There is not political justification to approve a Bitcoin ETF. Eric Balchunas continues to give a +90% chance of approval due to a number of factors, especially the SEC's significant change in behaviour by way of engaging with applicants and providing them with guidance on updating their applications. Source. Bitcoin Archive
The rise of digital gold in one chart. In 2012, one ounce of Gold was still worth 400 Bitcoin, now less than 0.05
Source: HolgerZ, Bloomberg
