Crypto News-In the latest installment of Cointelegraph’s The Market Report, analyst Marcel Pechman delves into the European Union’s groundbreaking approval of the first spot Bitcoin exchange-traded fund (ETF).
Spot Bitcoin ETF Authorized, Yet U.S. Exclusion Persists
This ETF recently commenced trading on the Euronext Amsterdam exchange on August 15th. While the selection of the Guernsey regulator for its establishment might raise eyebrows, the strategic implications of its listing on Euronext are evident. However, its modest 1 million euro launch and the unfamiliarity surrounding its management cast a shadow of uncertainty over its allure.
Shifting gears, Pechman directs attention to the landscape of Bitcoin ETFs in the United States. The Securities and Exchange Commission (SEC) has once more deferred its verdict on a spot Bitcoin ETF, possibly postponing a potential decision until early 2024. This recurring pattern of delays mirrors the obstacles faced in the preceding decade, exposing the regulatory ambiguities plaguing the U.S. cryptocurrency market and hampering the SEC’s embrace of a spot crypto ETF.
The narrative then transitions to Bitcoin’s price trajectory. Jesse Myers, a prominent Bitcoin investor, weaves a connection between breaking the $100,000 barrier and the block subsidy halving scheduled for mid-2024. This viewpoint challenges the efficiency of the market hypothesis, suggesting that the market might need 12 to 18 months post-halving to fully absorb the implications of this event.
Amidst this intricate discussion, Pechman maintains a skeptical stance towards predicting market outcomes, acknowledging the multiplicity of variables that can influence Bitcoin’s trajectory. Federal Reserve decisions, banking liquidity, economic conditions, and unforeseen events stand as influential factors that can shape the path of Bitcoin’s value.
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