Bitcoin Faces Price Fluctuations as Asset Managers Hustle Ahead of ETF Approval
Summary:
Bitcoin's value experienced a momentary dip amid last-minute S-1 amendments submitted by asset managers for their Bitcoin ETFs. The dip and quick recovery in Bitcoin's price coincided with these sudden updates ahead of the anticipated Bitcoin ETF approval date. More details are expected to emerge about the situation, which remains fluid.
Bitcoin's value is currently experiencing some instability as some asset managers hurriedly submit their final S-1 amendments for their Bitcoin exchange-traded funds (ETF). On January 9, the cryptocurrency's value momentarily dipped 3% on Binance, sliding from $47,000 to $45,600 within just a five-minute window, as shown by TradingView data. The price of Bitcoin swiftly rebounded and is nearly back to $47,000, currently being traded at $46,717.
This sudden shift in volatility coincides with asset managers like BlackRock and VanEck updating their S-1 filings just ahead of the anticipated approval date of the Bitcoin ETF on January 10. According to ETF industry experts such as Eric Blachunas, these updated filings are prompted by last-minute observations made by the United States Securities and Exchange Commission on January 9.
Blachunas further stated, "It's difficult to pinpoint what exactly has changed upon initial examination, but the important part is that the unprecedented 24-hour turnaround for filing, commentaries, and re-filing signals everyone's intent to hit the ground running."
This story is still unfolding, and more details will be provided as they emerge.
Published At
1/9/2024 4:26:11 PM
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