Crucial week for the approval of the Bitcoin ETF

Crucial week for the approval of the Bitcoin ETF

By Web3News | section_news | 15 Nov 2023


Uncertainty prevails and attention is focused on the possibilities of Hashdex and Franklin Templeton. However, experts warn that the decision could be delayed until 2024.

 

Probable delay, warns specialist
Some experts in the cryptocurrency market, such as Bloomberg Intelligence analyst Mike McGlone, believe that the approval of the bitcoin ETF could take longer than expected. According to McGlone, the United States Securities and Exchange Commission (SEC) could postpone the decision until next year, due to the lack of consensus and the volatility of the cryptocurrency's price.

 

Hashdex and Franklin Templeton are the closest
Despite the uncertainty, there are two cryptocurrency ETF proposals that have the best chance of being approved by the SEC. These are the Hashdex and Franklin Templeton funds, which are already supported by Nasdaq and NYSE Arca, respectively. These funds are based on the Nasdaq Crypto Index (NCI), which includes six cryptocurrencies: bitcoin, ethereum, litecoin, bitcoin cash, chainlink and stellar.

 

What is a bitcoin ETF?
A bitcoin or other cryptocurrency ETF is an exchange-traded fund that tracks the price of one or more cryptocurrencies. This allows investors to access the cryptocurrency market without having to purchase them directly, reducing the associated risks and costs. A cryptocurrency ETF could also increase demand and liquidity for cryptocurrencies, which could drive their appreciation.

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