The US Securities and Exchange Commission’s decision on the much-anticipated bitcoin exchange-traded fund (ETF) is expected by Friday, according to a source with knowledge of the agency’s deliberations.
The SEC has an 11th March deadline to make a decision regarding the proposed rule change that would clear the way for the ETF, which would be the first of its kind. Yet because the 11th falls on a Saturday, that decision will come before that date – potentially before Friday, the source said.
The decision, regardless of the outcome, will cap a more than three-year period since investors Cameron and Tyler Winklevoss first filed with the SEC in mid-2013.
Should the fund receive approval, some analysts have speculated that bitcoin markets could rise as a result. That expected approval appears to be baked into some quarters of the market already, driving the price to new all-time highs in recent days.
The digital currency’s price continually neared $1,300 in recent sessions, reaching $1,293.47 on 3rd March, CoinDesk Bitcoin Price Index (BPI) figures show. However, bitcoin prices kept falling back during their climb toward $1,300, eventually experiencing a sharp drop on 7th March, during which markets plunged below $1,200 for a brief
Read more ... source: CoinDesk
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