The SEC was given time until midnight last Friday to submit a challenge to the court's decision that found it was unjust for the financial regulator to reject Grayscale Investments' application to create a spot bitcoin exchange-traded fund. The SEC's decision now clears the way for the first spot Bitcoin ETF in the U.S. although a separate approval order from the regulator is still required.
Despite the potentially imminent approval of spot Bitcoin ETF filings, some are concerned that the eventual arrival of traditional financial giants, including the mega-investment company BlackRock, could "fundamentally change" Bitcoin.
The recent update on the joint spot Bitcoin ETF application for approval of ARK Invest and 21 Shares underscored information on the proposed BTC ETF, as well as practices on how it will custody assets and determine the values of the assets.
Hayes said BlackRock's entry into the industry could "fundamentally change" Bitcoin. Though he acknowledged that the spot Bitcoin ETF approval might bring a stream of funds into the crypto market, the BitMEX co-founder was concerned about its potential influence on traditional finance.
One of the upgrades involves the use of nBTC, which is intend to not only streamline and decentralize available methods of bringing Bitcoin into the Cosmos Network, but also empower users.
Over the next two quarters, investor interest in the digital asset industry may reignite, fueled by the Bitcoin Halving event and the impending SEC decision on spot Bitcoin ETFs.
The price of Bitcoin immediately dropped following the announcement by the SEC.
Coinbase's Bitcoin holdings have surged to $25 billion, accounting for nearly 5% of all Bitcoin in circulation.
Despite the prevailing price of Bitcoin as of Monday, MicroStrategy is currently facing an unrealized loss of approximately $548,717,702.40 for its BTC holdings.
While the maiden crypto briefly enjoyed the $27,000 price level, it eventually traded back to the $26,000 threshold a few hours later.
Historically, September has always been the worst month for Bitcoin, with the king of crypto averaging a 6% decline in its value in the said month from 2010 until 2022.
Marcus shared his new vision for the world's largest crypto asset by market capitalization, one that transcends the asset's status as a digital store of value and redefines the global financial ecosystem.
These catalysts include the spot ETF approval, fair value accounting rules from FASB and banks custody and lending against Bitcoin as collateral.
The SEC has postponed the majority of its decisions until Oct. 17, while setting the rulings for Bitwise on Oct. 16 and for Valkyrie on Oct. 19.
The federal appeals court said in the 20-page decision that "the denial of Grayscale's proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products. We, therefore, grant Grayscale's petition and vacate the order."
For Grayscale Investments, its recent win in the court "is a monumental step forward for all who have been advocating for Bitcoin exposure through the added protections of the ETF wrapper."
The major Wall Street regulator is due to respond to Bitwise's filing on Friday, while its response to the applications of BlackRock, Invesco, WisdomTree and VanEck should be out by Sept. 2.
It is worth noting that the latest ruling does not guarantee a spot Bitcoin ETF in the U.S. but rather a grant on Grayscale's petition for review of its application, which the regulator previously rejected.
While Kennedy Jr. is championing Bitcoin and seemingly advertising it as a beacon of light in a dark tunnel, many question his intention, particularly since he admitted last month that he owns approximately $250,000 in BTC.
MicroStrategy, which has been accumulating Bitcoin as part of its holdings since 2021, revealed earlier this month that it made the biggest BTC purchase in the second quarter of 2023.
Following the approval of the GFSC in October 2021 and the delay of the planned launch last year, London-based Jacobi Asset Management announced the listing of Bitcoin ETF on the platform Euronext Amsterdam this week.
The report underscores the influence of spot Bitcoin ETFs on the market, particularly if traditional financial giants' applications gain approval from the U.S. Securities and Exchange Commission (SEC).
The U.S. SEC is poised to announce its decision on spot Bitcoin ETF applications this month, potentially this week, indicating an imminent approval.
The public conversation between the two tech and crypto leaders concluded with both acknowledging they are on the same team.
The software maker said the $347 million worth of Bitcoin acquired last quarter, purchased at an average price of $28,136 per coin, only represents the latest addition to the company's BTC holdings and not the total amount of the crypto asset it purchased.
Despite the dip in the price of Bitcoin, the "important news" is the continued surge in institutional interest in the world's largest crypto asset.
"Now I'm a Bitcoin owner, and I'm sure they'll now find a different way to come at me, but no one can say I didn't put my money where my mouth is," Kennedy Jr. explained.
During the period leading up to the highly anticipated Bitcoin halving, the cryptocurrency maintained its position around the $30,000 threshold, displaying stability over the past 15 days and very little volatility over the last couple of weeks.
Apparently, Bitcoin's presence in the source code was not a recent addition but was just retained even after Tesla suspended accepting BTC as a form of payment.
While some are skeptical of RFK Jr.'s promise, others in the crypto community are excited that it will revolutionize not only the industry but also the financial health of the United States.
