The cryptocurrency market is experiencing a challenging Friday as macroeconomic data reflects poor figures, emphasizing strong employment and above-average wage increases. Investors are currently focused on the potential approval of Exchange-Traded Funds (ETFs), keeping Bitcoin‘s price near $44,000.
The U.S. Securities and Exchange Commission (SEC) is expected to make a move on ETFs by the end of the business day. While no approval has been confirmed, extensive discussions suggest progress is being made. Fox Business reporter Eleanor Terrett, citing inside sources, anticipates comments on modified 19b-4 applications and possible launch dates today, with a timeline for approvals looking towards next week, depending on the SEC’s efficiency in reviewing submissions.
A major surprise could be the SEC issuing orders for ETF listings on exchanges next week. In the worst-case scenario, as highlighted by Terrett, we should see actions that reignite sensitivity through file updates.
Bloomberg ETF Analyst James shares his expectations for today, predicting submissions of 19b-4 amendment applications that have been under discussion for weeks between the SEC and issuers, relating to cash creation/utilization. He had anticipated these changes earlier and still expects potential approvals next week.
The market’s anticipation of the SEC’s decision on ETFs reflects the significant impact such regulatory actions have on the cryptocurrency landscape, with investors and analysts closely monitoring developments.
