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US SEC Pushes Deadline for Verdict on ARK 21Shares Spot Bitcoin ETF to end of August



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First Bitcoin Futures ETF Reaches NYSE — will Bitcoin ETF be Next

Bitcoin’s sluggish market action on Monday and Tuesday has heightened concerns around crypto markets ahead of June 2022 Consumer Price Index (CPI) data release. Investors are bracing for all possibilities as CPI reports have history affected the price of Bitcoin.

Elsewhere, the US Securities and Exchange Commission has extended the deadline to deliver a decision on the spot Bitcoin ETF application filed jointly by investment management firm ARK Invest and ETF issuer 21Shares.

The wait for a first spot Bitcoin ETF continues

SEC assistant secretary J. Matthew DeLesDernier noted that the extension would provide enough time for the regulator to review the application, which was first filed in May and published for comment on June 1. This is not the first the commission has pushed forward the deadline of a verdict citing the need for sufficient time to review the proposed product. The revised deadline is now on August 30 from the initial July 16 date.

Also worth noting, this is not the first attempt by ARK to seek approval for an ETF directly tied to the Bitcoin spot price. In June 2021, the Cathie Wood-led investment firm partnered with the crypto ETP issuer 21Shares to submit a spot Bitcoin ETF offering for listing on the Chicago Board Options Exchange BZX exchange. The application was, however, rejected by the SEC in April following an extension of extended of the deliberation window from January.

Last month, the SEC ruled against Grayscale proposal to convert its flagship Bitcoin Trust offering to a spot Bitcoin ETF. The digital assets management firm filed a lawsuit hours after the rejection, arguing that the difference between spot Bitcoin ETFs and those based on BTC futures isn’t justification for denying approval as the prices are based on the same underlying asset. Grayscale is confident it will come out on top in the legal battle with the SE, but the firm reckons the litigation process will take a while – roughly a year or two.

Analysts are confident a bull market remains in sight this year but  first, more pain for investors

Bloomberg Intelligence commodity analyst Mike recently remarked that Bitcoin could either be on track for a crash or surge to new heights. Taking all aspects into consideration, the commodity analyst tipped Bitcoin to rebound in the current half (2H) of 2022 as it did in the first half of 2019 following the 2018 bear market.

“With the Bloomberg Galaxy Crypto Index nearing a similar drawdown as the 2018 bottom and Bitcoin’s discount to its 50- and 100-week moving averages similar to past foundations, risk vs. reward is tilting toward responsive investors in 2H.”

Bitcoin lost support at $20k earlier this week as it fell deeper into the red territory. Following this drop, crypto analyst Michaël van de Poppe who has closely been tracking the market, adjusted his targets in a June 12 tweet. The crypto trader now believes $20,300 and/or the area between $19,300 and $19,500 are levels to monitor closely.

Fellow trader and analyst Ali Martinez showed more flexibility in terms of the range that holders should look out for.

“Bitcoin sits on an important demand wall between $19,150 and $19,700 where 575,000 addresses hold more than 375,000 BTC. If this support level holds, notice that BTC faces stiff resistance at $20,900. One of these levels must give in to trigger a major price movement.” Martinez wrote.

CoinShares’ Chief Strategy Officer Meltem Demirors also surmises that Bitcoin could see more erosion in the near term, but she doesn’t fancy the asset falling below $14k. In an interview with CNBC on July 11, Demirors shared CoinShares’ outlook for Bitcoin, stating that the investment firm expects Bitcoin investors to feel more pain as the asset completes a conventional ‘low’ cycle.

. It’s [Bitcoin] a very cyclical asset. Historically, drawn down from peak to trough has been 80 to 90% in Bitcoin. We’re currently sitting at about 65% from our all-time highs in November of last year. So, there is still room for some downward correction. We at CoinShares don’t see Bitcoin going below that $14K threshold,she said.

For the long-term projection, Demirors said that CoinShares believes the BTC price will rally to a new summit within the next 24 months.

Rockefeller International chair backs Bitcoin to stage a comeback

McGlone and Demiror aren’t the only crypto figures anticipating a recovery of Bitcoin prices.

Rockefeller chairman Ruchir Sharma also recently threw his weight behind Bitcoin. Sharma, who had a stint in Morgan Stanley as an emerging markets investor, said at the end of last week that speculative interest has hurt Bitcoin. The Rockefeller executive added that he is confident that the asset will not only survive the harsh market conditions but could also emerge ‘steadier’ in the end.

This resurgence, which he likened to Amazon’s performance in the early-2000s, will only happen once ‘excesses’ have been removed from the market. He also pointed out that Bitcoin is yet to register a market bottom – a postulation he justified by referencing Bitcoin’s correlation with stocks. The latter market has not nosedived deep enough to call a bottom which makes him believe the same is yet to happen for the leading cryptocurrency.

“The US bear market regime, which is the driver of risk appetite around the world, is still very much in play.”

In the short term, the fund manager sees Bitcoin and the broader crypto market drifting even lower, further influenced by a decline in US stocks. On the future of bitcoin, the Rockefeller executive is rooting for the asset to be a monetary system instrument that can take the place of the US dollar as a stable currency form for transactions in three to five years.

To learn more visit our Investing in Bitcoin guide.

Sam is a financial content specialist with a keen interest in the blockchain space. He has worked with several firms and media outlets in the Finance and Cybersecurity fields.

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