{"id":540607,"date":"2023-06-30T18:00:26","date_gmt":"2023-06-30T18:00:26","guid":{"rendered":"https:\/\/uniquehot.com\/?p=540607"},"modified":"2024-06-11T08:10:29","modified_gmt":"2024-06-11T08:10:29","slug":"bitcoin-price-takes-a-hit-as-sec-deems-spot-etf-filings-inadequate","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-takes-a-hit-as-sec-deems-spot-etf-filings-inadequate\/","title":{"rendered":"Bitcoin Price Takes A Hit As SEC Deems Spot ETF Filings &#8216;Inadequate&#8217;"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The US Securities and Exchange Commission (SEC) has <\/span><a href=\"https:\/\/www.wsj.com\/articles\/sec-says-spot-bitcoin-etf-filings-are-inadequate-390336e8\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">reportedly <\/span><\/a><span style=\"font-weight: 400\">told exchanges Nasdaq and Cboe that recent filings for spot Bitcoin (BTC) exchange-traded funds (ETFs) from asset managers including BlackRock and Fidelity were not \u201cclear and comprehensive\u201d enough.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Bitcoin ETFs In Jeopardy?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The SEC has rejected several Bitcoin ETF filings in recent years due to concerns over potential fraudulent and manipulative practices associated with the cryptocurrency market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The agency has stated that the filings do not meet the standards designed to protect investors and the public interest. In particular, the SEC has expressed concerns about the lack of regulation and oversight in the cryptocurrency market, which could make it easier for bad actors to manipulate the price of Bitcoin and other cryptocurrencies.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/litecoin\/litecoin-up-18-in-past-24-hours-is-halving-rally-here\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Litecoin Up 18% In Past 24 Hours, Is Halving Rally Here?<\/a><\/div>\n<p><span style=\"font-weight: 400\">The SEC has also expressed concerns about custody and liquidity issues related to cryptocurrency. While some asset managers have attempted to address these concerns in their filings, the SEC has continued to reject them as inadequate. <\/span><span style=\"font-weight: 400\">However, Several proposed solutions have been put forward to address the SEC&#8217;s concerns around Bitcoin ETFs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">One potential solution is the use of regulated custodians to hold the Bitcoin backing the ETF, which would provide greater oversight and security for investors. Some asset managers have also proposed using futures contracts to track the price of Bitcoin, rather than holding the actual cryptocurrency, which could help address liquidity concerns.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In addition, some have suggested that the SEC could work with industry participants to establish best practices and guidelines for the cryptocurrency market, which could help mitigate risks associated with fraudulent and manipulative practices.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite these proposals, the SEC has continued to scrutinize Bitcoin ETF filings, indicating that more work may need to be done to address the agency&#8217;s concerns.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The SEC declined to comment on the Wall Street Journal report, while Nasdaq and Cboe were not available for immediate comment. The decision is a blow to asset managers&#8217; attempts to launch Bitcoin ETFs, which have been repeatedly blocked by regulators in the US.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">BTC\u2019s Price Tumbles, Signaling The End Of The Bull Run?\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400\">The latest criticism by the US Securities and Exchange Commission (SEC) on filings for spot Bitcoin exchange-traded funds has caused BTC\u2019s price to drop from over $31,000 to $29,800.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Although Bitcoin is currently trading above the $30,000 line, there is uncertainty around the ETF filings by BlackRock and other major financial players, which could lead to another downtrend and a test of lower support.<\/span><\/p>\n<p><span style=\"font-weight: 400\">If this were to happen, Bitcoin bulls must hold the $29,500 line, which is the next support below $30,000. Additionally, Bitcoin&#8217;s 50-day moving average (MA) on the daily chart could provide strong support for the cryptocurrency, currently placed at $28,100.<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/etc\/ethereum-classic-etc-resumes-uptrend-notches-13-in-the-last-day\/\" target=\"_blank\" rel=\"noopener \">Ethereum Classic (ETC) Resumes Uptrend, Notches 13% In The Last Day<\/a><\/p>\n<p><span style=\"font-weight: 400\">Nevertheless, as reported on June 29th by <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-bulls-battle-against-miners-128-million-move-is-the-bull-run-in-danger\/\" target=\"_blank\" rel=\"noopener \">NewsBTC<\/a>, Bitcoin is likely to enter a 10-day period of downtrend due to the loss of the strength of the current uptrend, as noted by the Average Directional Index (ADX) on the 1-day chart.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The ADX is a technical indicator that measures the strength of a trend and is used by traders to identify potential price movements. Bitcoin&#8217;s ADX is already spiking down, which suggests a potential shift in trend. Additionally, the squeeze momentum indicator also reflects the downtrend that Bitcoin could be poised to experience in the coming week and a half.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Overall, the recent criticism by the US SEC of the filings for spot BTC ETFs by BlackRock and Fidelity adds to the uncertainty surrounding the cryptocurrency&#8217;s future price movements. <\/span><\/p>\n<p><span style=\"font-weight: 400\">If the asset managers cannot find common ground with the SEC&#8217;s expectations, their ETF applications could be in jeopardy.<\/span><\/p>\n<figure style=\"width: 1814px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/Y74gTsm1\/\" alt=\"Bitcoin \" width=\"1814\" height=\"858\"><figcaption class=\"wp-caption-text\">BTC is trading slightly above the $30,000 line. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Featured image from Unsplash, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US Securities and Exchange Commission (SEC) has reportedly told exchanges Nasdaq and Cboe that recent filings for spot Bitcoin (BTC) exchange-traded funds (ETFs) from asset managers including BlackRock and Fidelity were not \u201cclear and comprehensive\u201d enough. Bitcoin ETFs In Jeopardy? The SEC has rejected several Bitcoin ETF filings in recent years due to concerns over potential fraudulent and manipulative practices associated with the cryptocurrency market.\u00a0 The agency has stated that the filings do not meet the standards designed to protect investors and the public interest. In particular, the SEC has expressed concerns about the lack of regulation and oversight in the cryptocurrency market, which could make it easier for bad actors to manipulate the price of Bitcoin and other cryptocurrencies.\u00a0 Related Reading: Litecoin Up 18% In Past 24 Hours, Is Halving Rally Here? The SEC has also expressed concerns about custody and liquidity issues related to cryptocurrency. While some asset managers have attempted to address these concerns in their filings, the SEC has continued to reject them as inadequate. However, Several proposed solutions have been put forward to address the SEC&#8217;s concerns around Bitcoin ETFs.\u00a0 One potential solution is the use of regulated custodians to hold the Bitcoin backing the ETF, which would provide greater oversight and security for investors. Some asset managers have also proposed using futures contracts to track the price of Bitcoin, rather than holding the actual cryptocurrency, which could help address liquidity concerns.\u00a0 In addition, some have suggested that the SEC could work with industry participants to establish best practices and guidelines for the cryptocurrency market, which could help mitigate risks associated with fraudulent and manipulative practices.\u00a0 Despite these proposals, the SEC has continued to scrutinize Bitcoin ETF filings, indicating that more work may need to be done to address the agency&#8217;s concerns. The SEC declined to comment on the Wall Street Journal report, while Nasdaq and Cboe were not available for immediate comment. The decision is a blow to asset managers&#8217; attempts to launch Bitcoin ETFs, which have been repeatedly blocked by regulators in the US. BTC\u2019s Price Tumbles, Signaling The End Of The Bull Run?\u00a0 The latest criticism by the US Securities and Exchange Commission (SEC) on filings for spot Bitcoin exchange-traded funds has caused BTC\u2019s price to drop from over $31,000 to $29,800.\u00a0 Although Bitcoin is currently trading above the $30,000 line, there is uncertainty around the ETF filings by BlackRock and other major financial players, which could lead to another downtrend and a test of lower support. If this were to happen, Bitcoin bulls must hold the $29,500 line, which is the next support below $30,000. Additionally, Bitcoin&#8217;s 50-day moving average (MA) on the daily chart could provide strong support for the cryptocurrency, currently placed at $28,100. Related Reading: Ethereum Classic (ETC) Resumes Uptrend, Notches 13% In The Last Day Nevertheless, as reported on June 29th by NewsBTC, Bitcoin is likely to enter a 10-day period of downtrend due to the loss of the strength of the current uptrend, as noted by the Average Directional Index (ADX) on the 1-day chart. The ADX is a technical indicator that measures the strength of a trend and is used by traders to identify potential price movements. Bitcoin&#8217;s ADX is already spiking down, which suggests a potential shift in trend. Additionally, the squeeze momentum indicator also reflects the downtrend that Bitcoin could be poised to experience in the coming week and a half. Overall, the recent criticism by the US SEC of the filings for spot BTC ETFs by BlackRock and Fidelity adds to the uncertainty surrounding the cryptocurrency&#8217;s future price movements. If the asset managers cannot find common ground with the SEC&#8217;s expectations, their ETF applications could be in jeopardy. Featured image from Unsplash, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":534074,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,78790,6664],"class_list":["post-540607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btcusdt","tag-crypto"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Takes A Hit As SEC Deems Spot ETF Filings &#039;Inadequate&#039;<\/title>\n<meta name=\"description\" content=\"The US SEC told Nasdaq and Cboe that recent filings for spot Bitcoin ETFs from BlackRock and Fidelity were not \u201cclear and comprehensive\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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