SEC Poised for Decision on Ark Invest and 21Shares Bitcoin ETF, Market Reacts

blockchain.news:

The United States Securities and Exchange Commission (SEC) is on the verge of issuing conclusions on multiple spot Bitcoin exchange-traded fund (ETF) applications. This announcement comes at a crucial juncture for the cryptocurrency landscape. If this new breakthrough is successful, it has the potential to drastically alter the way digital assets are traded in the United States.

It is anticipated that the SEC will soon render a decision about these applications, which include the application for Ark Invest and 21Shares, which has received a lot of attention. It has been speculated that the agency would make its judgments public by Tuesday or Wednesday, which would be more than a week before the deadline of January 10. The application for the Ark/21Shares ETF must be submitted by the prescribed deadline, which coincides with this period.

In response to the potential that the SEC may provide approval for Bitcoin exchange-traded funds (ETFs), the market has shown a feeling of excitement. An example of this would be the price of Bitcoin, which increased and temporarily above the $45,000 mark, a level that has not been seen since April 2022. As a result of this upsurge, investors are becoming more optimistic about the possibility of a positive decision from the SEC.

A number of the most prominent asset management companies, such as BlackRock, Fidelity, and Invesco, have recently upgraded their apps, demonstrating the presence of a competitive market. Particularly noteworthy is the fact that Fidelity has offered an aggressive sponsor charge of 0.39% in order to attract investors, whilst Invesco has stated a cost of 0.59% with a waiver for the first $5 billion that is handled within six months of the opening of the fund.

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