The market is waiting for new decisions that will help to strengthen the position of Grayscale. In August this year, there was already a verdict in favor of this organization, which attempted to convert its Bitcoin Trust into a bitcoin ETF. This week, the company filed a new application for a spot Bitcoin ETF on NYSE Arca.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) recently announced its decision not to appeal in the case against Grayscale. This turn of events caused a wave of discussion among market participants and a series of questions about the further development of the situation.
Many analysts are now on the lookout for any kind of update on the matter. Their ranks also include Elliott Stein and James Seyffarth, specialists from Bloomberg Intelligence, who are looking for comments from both the SEC itself, Grayscale or court representatives.
“We are waiting for more information from the SEC, Grayscale or the court on what to expect next,” says Seyffarth himself.
Market participants believe that positive reports regarding Grayscale’s new filing could push the price of BTC to skyrocket. At the same time, in addition to the direct purchase of bitcoin there are other, more affordable ways to earn the main cryptocurrency before the price spike.
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Bitcoin Minetrix – an opportunity to earn BTC before the growth
At the end of last month, a project appeared on the market, the release of which was awaited by the entire cryptocommunity. Bitcoin Minetrix offers investors a special opportunity not only to increase their income on steaking, but also to remotely receive original bitcoins. Within the framework of the presale, the developers managed to raise over $2 million, while one token $BTCMTX is worth $0.0112.
The main feature of the new project is that it provides access to cloud mining platforms. This method of bitcoin mining is much more convenient for the average user, as it does not involve the purchase of special equipment. Moreover, customers won’t even have to worry about maintaining the equipment.
Instead, investors will be required to buy $BTCMTX coins and put them into the staking machine. Only then will they have access to ERC-20 tokens, which need to be sent to the staking to get hash power for mining.
What makes Bitcoin Minetrix revolutionary is the ability to earn two types of cryptocurrency at once and thus double your income. You can buy $BTCMTX now for $0.0112 on the project’s website using BNB, ETH or USDT. It is also possible to make payment via bank card.
Pros:
- Transparent cloud mining, which is available even to a novice investor.
- Ability to use the platform for 10 years.
- Decentralized and user-driven platform.
Progress in the Grayscale case may bring clarity to the issue of ETF fund approval
Many experts believe that after the SEC’s refusal to appeal, the situation regarding the opening of ETF funds may finally become clearer. Moreover, experts believe that such a move by the Commission towards Grayscale was necessary for the market situation to start changing little by little.
However, it is still unknown what specific strategy the SEC will choose to interact with Grayscale and other companies that have filed numerous applications to open bitcoin-ETFs.
For example, crypto investor Michael Novogratz expressed confidence that the SEC will approve the opening of a spot fund as early as this year.
Grayscale itself is of the opinion that converting GBTC into an ETF is likely to bring significant benefits to all fund holders. While the SEC has been indecisive on this issue in the past, several companies (including BlackRock and Invesco) are now claiming to be launching their own ETF products. It is also reported that Galaxy Digital, an organization headed by Novogratz, is currently working with Invesco. Together, they are working on a related proposal for a bitcoin spot fund.
According to Bloomberg Intelligence, Grayscale’s application is likely to be reviewed and approved along with applications from issuers such as BlackRock. Katie Wood of ARK Investment Management also joined this opinion. She believes that simultaneous approval of SEC filings could have a positive impact on the market.
At the same time, in a recent interview, Gary Gensler did not comment unequivocally on the issue. Moreover, the SEC chairman said that he has no specific information about a possible launch date for bitcoin ETF funds.
Instead, he described how the Exchange Traded Products Study Group works and said the agency is actively working with issuers, responding to their inquiries and providing feedback.
The SEC has begun receiving a number of redacted filings from investment companies
Fidelity Investments, one of the largest asset management firms, has reportedly said it wants to make some amendments to its application to create the Wise Origin Bitcoin Trust. According to representatives of this organization, the changes include such important aspects as secure storage of clients’ funds in BTC and risk disclosure. The latter, in turn, are related to the regulatory framework governing the digital asset industry.
Such a decision by Fidelity followed immediately after the appeals of other companies (ARK Invest and Invesco), which not so long ago amended their own applications to create a bitcoin-ETF. Such events, according to experts, indicate a continued dialog between potential ETF fund founders and SEC representatives. This gives traders and investors the opportunity to make more optimistic predictions about the future of the industry.
The potential opening of bitcoin spot funds is not the only topic being actively discussed by members of the cryptocurrency community. To date, a lot of attention is also paid to promising projects that are in the presale stage. The point is that many of them are not subject to external influence, develop according to the roadmap and can even revolutionize the market.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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