Major asset management company VanEck filed its fifth amended application for a spot Bitcoin Exchange-Traded Fund (ETF). This move marks a new chapter in the evolution of cryptocurrencies and their integration into mainstream financial markets.

VanEck's proposed ETF will trade under the unique ticker symbol "HODL"...

A widely used term within the Bitcoin community. "HODL" stands for "hold on for dear life" and represents a long-term investment strategy where individuals buy and retain their Bitcoin, unfazed by market volatility. This choice of ticker reflects VanEck's alignment with the core values of the Bitcoin community, emphasizing the long-term potential of the cryptocurrency.

Analysts have offered varied opinions on the "HODL" ticker. Nate Geraci, president of The ETF Store, believes it will resonate well with crypto-savvy investors but might be less intuitive for traditional ones. Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, views it as a bold and unconventional approach, contrasting it with the more conservative choices seen from other firms like BlackRock and Fidelity.

The Companies Racing To Launch their Bitcoin ETF's Are The Largest Financial Intuitions in the World..

One thing justifying Bitcoin's recent price gains is that the companies interested in launching crypto based ETF's are literally the largest and most powerful financial firms in the world.  Several prominent firnms included are BlackRock, Fidelity, Valkyrie, and Franklin Templeton.

While the SEC has yet to provide a clear indication of its stance on these filings, it remains actively engaged in discussions with the firms to address technical aspects of their proposals.

VanEck anticipates SEC approval for its spot Bitcoin ETF as early as January 2024...

They're projecting a potential inflow of $2.4 billion in the first quarter following approval.

This latest move by VanEck signifies a strategic effort to connect with the Bitcoin community and tap into the growing interest in this digital asset. As the regulatory landscape continues to evolve, the anticipation surrounding SEC approval highlights the potential impact such a product could have on the crypto market, potentially making it more accessible and appealing to a wider audience.

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Author: Adam Lee 
Asia News Desk / Breaking Crypto News

The cryptocurrency world is watching closely this week as the Securities and Exchange Commission (SEC) faces key deadlines to approve or reject several proposed bitcoin exchange-traded funds (ETFs).

Friday marks the deadline for the SEC to make initial decisions on ETF applications from financial firms Hashdex and Franklin Templeton. The regulator could approve the applications, reject them outright, or punt the decision down the road by extending the deadline into 2023.

Another Delay Coming?

According to ETF specialist James Seyffart of Bloomberg Intelligence, there is a "good chance" the SEC will choose the third option and delay the bitcoin ETF decisions until January 2024.

In total, there are 12 pending bitcoin spot ETF applications awaiting judgement by the SEC. The chart below shows the status of the 12 firms applying...

Those in red have already been delayed or denied.

The prospect of bitcoin ETF approval in the US has already fueled a price rally for the cryptocurrency, with bitcoin rising from around $28,000 to over $36,000 over the past month.

If Not Now, Soon...

While Bloomberg's James Seyffart predicts a delay this week, he remains optimistic that some bitcoin ETFs will ultimately get approved by January 10th, giving this prediction a 90% chance of happing. 

Exploiting the Hype...

However, ETF excitement also led to some market manipulation last week. An unknown actor submitted a fake application for a Ripple (XRP) ETF from Blackrock, briefly causing XRP to spike 10%. The price quickly corrected, but not before causing $5 million in liquidations for XRP leverage traders caught on the wrong side of the swings.

The SEC has yet to approve any cryptocurrency ETFs, repeatedly citing concerns around volatility, manipulation, and adequate oversight. But many investors hope that 2023 could finally be the year bitcoin ETFs get the green light in the US, opening the doors to greater mainstream adoption.

But the SEC faces growing pressure as other countries have already begun approving bitcoin ETFs, further delays would officially put the US behind.

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Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News