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In the lead-up to the January 10 deadline (when the SEC may approve the first ETF directly linked to the spot price of Bitcoin), Bitcoin has been on a continuous surge. The value of cryptocurrencies rose by nearly 160% in 2023, and the wealth of digital assets has experienced a more widespread rebound.
In recent days, several issuers have submitted applications designating authorized participants for their potential Bitcoin-related products, indicating that these funds may soon receive approval. Brokerage firms designated as authorized participants include Wall Street heavyweight Jane Street Capital and JPMorgan.
However, Matrixport analyst Markus Thielen stated in a report on Wednesday that he expects the SEC to reject all Bitcoin ETF proposals this month. Thielen mentioned that the recent applications still do not meet the requirements necessary for SEC approval. Some market observers predict that if the SEC rejects these proposals, issuers may take certain measures against the regulatory body.
Other digital assets have also experienced a synchronous decline with Bitcoin. On Wednesday, Ethereum dropped by 11%, and Solana's SOL fell by over 28%, although both later narrowed their declines.
Fadi Aboualfa, the Research Director at cryptocurrency custody company Copper Technologies Ltd., expressed in an email: As we enter a new and uncertain year, the market is assessing the risks of all asset classes, and we may see an increase in volatility in the short term. Nevertheless, no matter what, we witnessed a similar market decline in early December last year, followed by a further rebound. |
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Post time 11-1-2024 20:35:52
