Best Crypto to Buy Now August 31 – Maker, Mantle, dYdX
The U.S. Securities and Exchange Commission (SEC) announced on August 31 that it will postpone decisions on proposed rule changes related to spot Bitcoin exchange-traded funds (ETFs) until October.
The SEC is postponing judgments on proposed rule changes that would allow Fidelity (Wise Origin), VanEck, WisdomTree, Invesco, and others to offer spot Bitcoin ETFs on various exchanges.
With the SEC pushing back the Bitcoin ETF ruling, what are the best cryptos to buy now?
Decisions are delayed until October 16 for most applicants, with Valkyrie Investments pushed back to October 19.
This continues a cycle of ETF applications, delays, and rejections by the SEC. If rejected in October, applicants could submit new proposals to restart the process.
Many see the latest round of ETF applications as promising, however, especially BlackRock's proposal.
BlackRock has a high success rate for past ETFs and plans to use Coinbase for surveillance-sharing. Most other applicants modeled proposals after BlackRock.
While no spot Bitcoin ETFs have received SEC approval so far, many remain hopeful for October.
With major financial institutions increasingly proposing Bitcoin ETFs, the SEC faces growing pressure.
However, the agency continues taking a cautious approach regarding crypto-based funds for mainstream investors.
Meanwhile, bitcoin's price has reacted with volatility to the recent news. The cryptocurrency gained after Grayscale's legal win, topping $28,167 on August 30. But Bitcoin then gave back those gains after the SEC's latest deferral, falling 5% so far today to trade at $25,928.
With bitcoin ETF proposals in regulatory limbo, analysts propose diversifying into overlooked altcoins with upside potential.
Maker, Wall Street Memes, Mantle,
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