Bloomberg: Bitcoin ETF Approval Anticipated This Week, Alongside 7 SEC Deadlines – Will it Propel BTC Price to $30,000 or Push it Down to $25,000? A Comprehensive Analysis

The coming week promises to be significant for the future of Bitcoin ETFs in the United States. As Labor Day weekend approaches, the U.S. Securities and Exchange Commission (SEC) is gearing up to make critical decisions on a number of pending Bitcoin ETF applications. Firms such as Bitwise, BlackRock, and VanEck await these pivotal regulatory moves, marking this as a week to watch for anyone interested in the evolving crypto landscape, according to Bloomberg.

Deadline Pressures Amplify, Coin Telegraph Reports

Coin Telegraph notes that Bitwise’s application is set for SEC review on Sept. 1, and other firms are close on its heels. BlackRock, VanEck, Fidelity, Invesco, and WisdomTree have all circled Sept. 2 on their calendars, as they too anticipate SEC decisions on their respective ETF applications. Additionally, Valkyrie expects to hear from the SEC by Sept. 4, making this an especially concentrated period for regulatory outcomes.

99.99999% of the world doesn’t know that the SEC has to decide on 7 BTC ETFs within the next 3 days:

-blackrock
-bitwise
-vaneck
-wisdomtree
-invesco
-fidelity
-valkyrie

the suits at our doorstep

— odin free 🦇🔊 (@odin_free) August 29, 2023

Grayscale’s Court Victory: A Potential Game-Changer?

Grayscale’s recent court win has roused attention and speculation in the crypto world. The U.S. Court of Appeals found in Grayscale’s favor, declaring that the SEC’s rejection of its Bitcoin ETF application was “arbitrary and capricious.” Bloomberg ETF analyst James Seyffart suggests that this development could positively influence the outcomes for other awaiting ETF applicants.

THIS JUST IN: The D.C. Circuit ruled 3-0 in favor of Grayscale and $GBTC. This is a monumental step forward for all who have been advocating for Bitcoin exposure through the added protections of the ETF wrapper. Read the decision: pic.twitter.com/BNZABvM7tw

— Grayscale (@Grayscale) August 29, 2023

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Regulatory Choices After the Grayscale Ruling

Following the court’s decision, the SEC finds itself at a crossroads. It can appeal the ruling within 90 days or opt for a full circuit court review. According to Seyffart, the SEC’s realistic options now are either to approve Grayscale’s application or to construct a new rationale for rejecting it.

Impact on the Crypto Community and BTC Prices

As the week progresses, the crypto community is keenly aware that the SEC’s forthcoming decisions could significantly move the Bitcoin price needle—either propelling it toward $30,000 or pushing it down to $25,000. These imminent decisions could establish new precedents for the kinds of cryptocurrency financial products that may become available in the U.S. market.

Some have asked whether they could revoke the bitcoin futures ETFs, highly unlikely in our view, esp given their recent openness to Ether futures ETFs. In the end, I know it and you know it and even animals know it- the best move is to just approve the damn things already.

— Eric Balchunas (@EricBalchunas) August 29, 2023

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