Why does everyone want Bitcoin ETF?
Hello there!
Welcome to another exciting crypto news round up from your favorite portfolio tracking and trading platform, Coinigy.
Things are looking smooth in the market as Bitcoin continues to hold on to the $30k price point. The global crypto market cap is in the green as well.
The main attraction this week, though, is the increasing number of companies filing for Bitcoin ETFs and their importance for traders.
If you don’t know what it is, here’s an article from Investopedia that explains it - Bitcoin ETF: Definition, How It Works, and How to Invest
Anyway, the SEC (as usual) isn’t convinced we need a spot Bitcoin ETF yet, so it might take a while before we get some. We’ll cover its reasons and other developing news below:
- US SEC deems spot Bitcoin ETFs filings as inadequate
- Binance reverses decision to delist privacy coins in Europe
- U.S. Investors Are Driving Bitcoin’s Price Surge as Institutional Demand Rises
- Coinbase Fights Back: Files for Dismissal of SEC Lawsuit
US SEC deems spot Bitcoin ETFs filings as inadequate
There may be a longer wait for a spot Bitcoin exchange-traded fund (ETF) in the United States, as the Securities and Exchange Commission labeled investment managers’ recent applications inadequate. In the eyes of the SEC, the recent filings from BlackRock, ARK Invest, Fidelity and other asset managers are not “sufficiently clear and comprehensive.” Here’s the full story.
Binance reverses decision to delist privacy coins in Europe
The world’s largest crypto exchange by trading volume, Binance, has decided to reverse a plan to delist privacy-oriented cryptocurrencies in several EU jurisdictions. The move comes after the company received feedback from some of the projects and traders. Here’s the complete story.
U.S. Investors Are Driving Bitcoin’s Price Surge as Institutional Demand Rises
U.S. investors have been piling into bitcoin (BTC) as institutional activity accelerated, driving the recent rally of the largest cryptocurrency by market capitalization.
BTC’s price gains and trading volume have concentrated during U.S. market hours recently, and have been the main force behind BTC’s strength, crypto analytics firm K33 Research noted in a report. Read the complete story.
Coinbase Fights Back: Files for Dismissal of SEC Lawsuit
In the escalating legal face-off between Coinbase and the US Securities and Exchange Commission (SEC), Coinbase has taken a defensive stance, lodging a motion to dismiss the SEC's lawsuit.
Coinbase's motion was filed on June 29th in the US District Court for the Southern District of New York. It fundamentally disputes the SEC's interpretation of securities laws, contending the agency's reach surpasses its lawful authority. Read the complete story.
Other Highlights Worth Mentioning
- FTX has recovered $7B in assets - Crypto.News
- EU seals deal on crypto bank-capital rules - Finance Magnates
- Tether signs MoU with Georgia to develop Bitcoin P2P infrastructure - Cointelegraph
- Solana misses out on altcoin resurgence, here’s why - AMBCrypto