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- The decision was expected and the SEC’s press release outlined the plan.
- ETFs are hot news in the crypto world and major companies like BlackRock are interested.
The US Securities and Exchange Commission (SEC) announced a delay in the approval of Global X’s spot Bitcoin [BTC] exchange rate fund [ETF]listed on the Cboe stock exchange.
The SEC initiated a comment period for the Global
The decision was expected and the SEC’s Nov. 17 press release outlined the plan, with public comments expected within the next 35 days. As a result, the new deadline for approval or disapproval of the Global X ETF was pushed back to December 22.
Bloomberg ETF analyst James Seyffert already hinted at the impending delay on X. Although the decision was originally scheduled for November 21, the postponement was in line with Seyffert’s predictions.
UPDATE: @GlobalXETFs place #Bitcoin ETF 19b-4 has been postponed *as expected*. This wasn’t supposed to appear until November 21st. The response period for this request should begin and last at least 35 days. pic.twitter.com/E5xsrd3Shh
— James Seyffart (@JSeyff) November 17, 2023
However, Global
The SEC at the same time shifted its decision on the Franklin Bitcoin ETF until early 2024, boosting anticipation around crypto-related financial instruments.
Recently, BlackRock, the investment management giant, officially placed his bet Ethereum [ETH], filing an S-1 filing for a spot Ethereum ETF with the SEC on November 15. This follows BlackRock’s recent Nasdaq filing, which revealed ambitious plans for Ethereum.
XRP frenzy following fake ETF news
In a whirlwind of market activity, a misleading claim emerged about BlackRock’s launch Ripple [XRP] ETF caused chaos, resulting in a 12% increase in XRP prices and the liquidation of millions in futures positions.
The commotion started with the widespread distribution of an unverified post on the social platform X. It showed a registration application by BlackRock for the iShares XRP Trust. This is usually a precursor to the launch of ETFs. Similar filings preceded the introduction of Bitcoin and Ethereum by the world’s largest asset manager.
The exuberance proved short-lived, however, when Bloomberg analyst Eric Balchunas promptly discredited the accuracy of the filing, claiming it may have been a fraudulent use of the identities of BlackRock officials.
The consequences extended beyond immediate price fluctuations and affected XRP derivatives traders. Coinglass reported liquidations of more than $7 million in the past 24 hours, with the majority – 66% – attributable to long positions.
