Bitcoin Price Prediction: Fidelity Joins ETF Race, El Salvador's BTC 'Rebirth', Binance US Move
Bitcoin's price fluctuating journey continues as it trades just below the $28,500 mark, with a modest increase of less than 0.50% on Wednesday. Several noteworthy events have punctuated the cryptocurrency landscape.
Fidelity, not one to be left behind, has revamped its spot in BTC ETF registration in light of the SEC's recent critiques, placing itself alongside giants like Ark Invest and Invesco.
Meanwhile, El Salvador, a nation that recently embraced Bitcoin as legal tender, witnesses its 'Rebirth', attributed by Vice President Felix Ulloa to the cryptocurrency's adoption. However, it's not all positive news.
The US subsidiary of the global crypto behemoth, Binance, has paused direct dollar withdrawals, adding another layer of intrigue to Bitcoin's narrative.
Fidelity Funds Management LLC, in collaboration with Ark Invest and Invesco, has updated its filings for a spot Bitcoin Exchange-Traded Fund (ETF) after engaging with the US Securities and Exchange Commission (SEC).
This progress suggests ongoing dialogues between institutional entities and the SEC, nurturing hopes for future approval.
Notably, Ark Invest resubmitted its filing on October 12, with Invesco Galaxy following shortly after, highlighting shared concerns for the SEC.
These encompass addressing hard forks, complying with GAAP valuations and pricing, disclosing regulatory uncertainties, considering the energy intensity of mining, and assessing geographical implications.
These revisions illuminate the SEC's priorities as a slew of applications is expected in Q1 2024.
Consequently, SEC Chair Gary Gensler is facing increased pressure for an imminent Spot BTC ETF endorsement.
A recent miscommunication regarding the approval of BlackRock's iShares Spot BTC ETF
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