The United States Securities and Exchange Commission (SEC) officially accepted the Valkyrie Spot Bitcoin ETF application, marking a significant step towards embracing the digital revolution.
This Indicates a possible breakthrough for mass crypto adoption in the world’s largest economy. The move also represents a watershed moment for the crypto community. If the Valkyrie Spot Bitcoin ETF is given the go-light, it will be the first of its kind, giving investors exposure to Bitcoin without requiring them to own any crypto physically.
The SEC approves Valkyrie’s Bitcoin ETF
The US Securities and Exchange Commission approved the Valkyrie spot Bitcoin ETF’s requested rule amendment to list and trade on the Nasdaq on July 17. After publishing the Federal Register notice, the public has 21 days to submit comments. After collecting public feedback, the United States will launch its review.
When the US Securities and Exchange Commission approved Valkyrie’s registration for a spot Bitcoin ETF, Bloomberg senior ETF analyst Eric Balchunas moved to Twitter to spread the news. Among the flurry of firms seeking approval for spot Bitcoin ETFs, Valkyrie was the very last to do so. He also mentioned that the Valkyrie Bitcoin ETF chose the ” BRRR ” ticker for its Nasdaq debut.
The application for a BlackRock spot Bitcoin ETF has already been approved by the US SEC. Additionally accepted are filings for other Bitcoin ETFs from Fidelity Investments, WisdomTree, VanEck, Invesco, and ARK 21Shares.
This demonstrates unequivocally that the regulator is considering the applications, and a decision to approve the Bitcoin ETF would be a significant triumph for the crypto sector.
The road to a Bitcoin ETF in the US has been long and winding; the SEC denied many prior applications for ETFs due to concerns about market manipulation, inadequate oversight, and inadequate investor protection. Due to the confusion and irritation it has produced, the potential mainstream adoption of digital assets has been pushed back due to the rejection of earlier proposals by the crypto community.
An overview of the Valkyrie Bitcoin ETF
The proposed Valkyrie Spot Bitcoin ETF would give investors a simple and regulated option to put their money into Bitcoin. By approving the Valkyrie Spot Bitcoin ETF application, the SEC has signaled a change in the regulatory climate. It shows the SEC is willing to work with the increasing market for crypto investment products that adhere to established rules.
In accepting Valkyrie’s application for review, the SEC indicated that it saw the potential that Valkyrie would address past concerns or propose new methods to manage risks.
However, it is good to note that the application’s acceptance does not guarantee final approval. The SEC will nonetheless give the proposal careful consideration, considering things like the impact on the market, the safety of investors, and the good it will do for the economy as a whole.
Market participants and enthusiasts will watch the SEC’s decision intently, as it might signify a more receptive posture towards cryptos and serve as a precedent for future ETF applications.
BTC price upbeat after spot Bitcoin ETF application acceptance
The price of Bitcoin started going up after BlackRock filed for a spot Bitcoin ETF. This led to several other spot Bitcoin ETF filings. As buyers wait for news about Bitcoin ETF filings, the price of Bitcoin has again risen above $30,000.
However, In the past 24 hours, the price of BTC has dropped by 1%, and it is selling for nearly $30,000. The lowest price in the last 24 hours is $29,685, and the highest is $30,330. Also, the number of trades has increased by about 68% in the last 24 hours, which shows buyers are interested.
Source: Bitcoin price live data on CoinMarketCap
