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The crypto market has recouped 2022 losses, with BTC gaining over 80% YTD and many altcoins performing even better. This triggered questions and analysis within the community as to whether the bear market is over and the industry is preparing for another bull cycle.
Furthermore, with the BTC halving coming up in less than a year, it is widely believed to be a catalyst for the upcoming price increase. However, recent developments from the US Securities and Exchange Commission may indicate that the agency may also have a role to play in the potentially bullish market.
sec effect
Being one of the most powerful regulators within the world’s largest economy, the actions of the SEC often have a direct impact on a relatively small market like crypto. As such, when the commission decided to go after Ripple in late 2020 as well as Coinbase and Binance a few months ago, it almost immediately hurt the prices of most digital assets.
While it may not seem surprising at all that SEC lawsuits can hurt projects and companies, there is also a flip side. We saw this earlier this week when Judge Analisa Torres, presiding over the agency’s case against Ripple, ruled in favor of the blockchain project, indicating that almost all XRP sales do not constitute security transactions, something that Which the SEC has been trying to prove for years. ,
The judge’s ruling had an immediate and widespread impact not only on the price of XRP, but also on several other altcoins that the SEC has accused of being unregistered securities.
As a result, it is safe to assume that the entire market could see further upside if the agency loses its ongoing battle with two of the most prominent players in the industry namely Coinbase and Binance.
spot bitcoin etf
The other aspect that the SEC’s actions directly impact is whether the US will (ever) have a spot bitcoin exchange-traded fund. The regulator has rejected countless applications over the past decade from companies such as Grayscale, Arc Invest, Fidelity, WisdomTree, VanEck and many more.
With the agency mounting attacks against the industry with the latest series of lawsuits, many believed such a product would not see the light of day, at least not soon.
However, the situation changed in mid-June when BlackRock, the world’s largest asset manager and possibly the most influential financial giant, applied to issue a spot bitcoin ETF – a move that was copied by many other companies. BlackRock’s success rate when it comes to ETF applications is astonishing, just 1 to SEC 575.
Its filing for the Spot BTC ETF had a profound effect on the price of the cryptocurrency, which surged above $30,000 for the first time in months after being stuck around $26,000 – $27,000 for weeks.
The SEC was the first to dismiss all recent applications as “insufficient”, which also triggered an immediate price drop. However, BlackRock as well as the rest of the ETF seekers amended the filing. In addition, the agency recently Accepted BlackRock’s application thus begins the official review process.
Although it may take a long time, the potential approval of spot bitcoin ETFs in the states could have a broad and immediate impact on the entire market. Finally, BTC charted its current ATH of $69,000 amid the approval of the first futures BTC ETF in the US for late 2021.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
The crypto market has recouped 2022 losses, with BTC gaining over 80% YTD and many altcoins performing even better. This triggered questions and analysis within the community as to whether the bear market is over and the industry is preparing for another bull cycle.
Furthermore, with the BTC halving coming up in less than a year, it is widely believed to be a catalyst for the upcoming price increase. However, recent developments from the US Securities and Exchange Commission may indicate that the agency may also have a role to play in the potentially bullish market.
sec effect
Being one of the most powerful regulators within the world’s largest economy, the actions of the SEC often have a direct impact on a relatively small market like crypto. As such, when the commission decided to go after Ripple in late 2020 as well as Coinbase and Binance a few months ago, it almost immediately hurt the prices of most digital assets.
While it may not seem surprising at all that SEC lawsuits can hurt projects and companies, there is also a flip side. We saw this earlier this week when Judge Analisa Torres, presiding over the agency’s case against Ripple, ruled in favor of the blockchain project, indicating that almost all XRP sales do not constitute security transactions, something that Which the SEC has been trying to prove for years. ,
The judge’s ruling had an immediate and widespread impact not only on the price of XRP, but also on several other altcoins that the SEC has accused of being unregistered securities.
As a result, it is safe to assume that the entire market could see further upside if the agency loses its ongoing battle with two of the most prominent players in the industry namely Coinbase and Binance.
spot bitcoin etf
The other aspect that the SEC’s actions directly impact is whether the US will (ever) have a spot bitcoin exchange-traded fund. The regulator has rejected countless applications over the past decade from companies such as Grayscale, Arc Invest, Fidelity, WisdomTree, VanEck and many more.
With the agency mounting attacks against the industry with the latest series of lawsuits, many believed such a product would not see the light of day, at least not soon.
However, the situation changed in mid-June when BlackRock, the world’s largest asset manager and possibly the most influential financial giant, applied to issue a spot bitcoin ETF – a move that was copied by many other companies. BlackRock’s success rate when it comes to ETF applications is astonishing, just 1 to SEC 575.
Its filing for the Spot BTC ETF had a profound effect on the price of the cryptocurrency, which surged above $30,000 for the first time in months after being stuck around $26,000 – $27,000 for weeks.
The SEC was the first to dismiss all recent applications as “insufficient”, which also triggered an immediate price drop. However, BlackRock as well as the rest of the ETF seekers amended the filing. In addition, the agency recently Accepted BlackRock’s application thus begins the official review process.
Although it may take a long time, the potential approval of spot bitcoin ETFs in the states could have a broad and immediate impact on the entire market. Finally, BTC charted its current ATH of $69,000 amid the approval of the first futures BTC ETF in the US for late 2021.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
