Concerns over anti-competition practices have led the SEC to consider delaying Grayscale’s Bitcoin ETF clearance.
The debut of Grayscale’s ETF might be delayed, according to Bloomberg analyst Eric Balchunas, who made the comment in the wake of growing speculation that a spot Bitcoin ETF would be approved by the US Securities and Exchange Commission.
X (formerly Twitter) user Balchunas brought attention to the fact that the SEC is worried about Grayscale’s Bitcoin trust size. He thinks Grayscale’s effort to turn the trust into an ETF will be successful, but he also thinks it may not debut when its rivals’ spot Bitcoin ETFs do.
The analyst claims that the SEC is considering GBTC’s integrated volume as evidence of unfair competition at launch. The biggest Bitcoin trust business at the moment is Grayscale, which manages assets worth over $26 billion.
However, according to Balchunas, analyst James Seyffart thinks GBTC will launch with others. Many exchange-traded fund (ETF) applications are now seeking clearance from the SEC, but experts anticipate that this might change in the next few weeks.
Meanwhile, crypto experts predict that 2024 will see a bull market, and they attribute this to a number of factors, including the establishment of a Bitcoin ETF. According to analysts, the approval and halving may cause Bitcoin’s valuation to reach $100,000 by the end of 2024.
Major cryptocurrencies have already had a market comeback, sending their values to all-time highs, all because of speculation about permission. Specifically, Bitcoin, the most popular cryptocurrency, hit a fresh yearly high of $44,000.
Having said that, Bitcoin’s price has been somewhat volatile since reaching this peak. According to statistics compiled by CoinMarketCap, Bitcoin is now trading at $42,884, up 4.60% from the previous day. In the same time frame, the total value of the cryptocurrency market increased by 3.73%, reaching $1.61 trillion.
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