Bitcoin surged to an all-time high above $72,000 today, benefiting from increased trading accessibility and a weakened US dollar. Support for Bitcoin grew after the UK's Financial Conduct Authority announced its approval for crypto-related securities, echoing recent moves by US regulators. The upcoming halving event, which reduces rewards for Bitcoin "miners," along with institutional interest, contributed to the cryptocurrency's rise, signaling potential further gains despite warnings of volatility. #coincep #Bitcoin #cryto $BTC
SEC Pushes Back BlackRock, Fidelity Spot Ethereum ETF Proposals
The United States Securities and Exchange Commission (SEC) has delayed its decision to approve or reject BlackRock and Fidelityâs spot Ether (ETH) exchange-traded funds (ETFs).Â
In separate March 4 filings, the SEC announced that its decision on applications from BlackRock for its iShares Ethereum Trust and Fidelity for its Ethereum Fund will be delayed.
The SEC first delayed its decision on BlackRockâs and Fiedlityâs Ether ETF applications in January, shortly after it approved a roster of spot Bitcoin (BTC) ETFs to go live. The SEC can delay its decision up to three times before making a final decision.
The SECâs delay hasnât come as a surprise, with market commentators and ETF analysts long speculating that the SEC will only decide to approve or deny the ETFs once the first final deadline arrives in May.
In an earlier Feb. 7 post to X, Bloomberg ETF analyst James Seyffart said that May 23 â the final deadline for VanEckâs spot ETH ETF application â is the âonly date that mattersâ when it comes to Ethereum ETFs.
May 23 is the âonly date that mattersâ for Ethereum ETF applications. Source: James Seyffart on X
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Meanwhile, the price of Ether has continued to be spurred by wider market enthusiasm for potential approval, posting gains of 56.7% in the last month. It was not impacted by todayâs SEC delay decision.
At the time of publication, ETH is changing hands for $3,754, up 13% for the week per CoinGecko data.
Not everyone is confident, however, that a spot Ether ETF will be as significant as the spot Bitcoin ETFs â with BlackRockâs iShares Bitcoin ETF already notching a staggering $10 billion in assets under management alone.
Bloomberg ETF analyst Eric Blachunas said that he and his colleague Seyffart would have formal odds on an ETH ETF approval out soon, however described the yet-to-be-approved funds as âsmall potatoesâ compared to the Bitcoin funds.
Source: Eric Balchunas on X
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