In a pivotal development that could mark a significant milestone for the cryptocurrency market, the U.S. Securities and Exchange Commission (SEC) has given its nod to the recently submitted Valkyrie spot Bitcoin (BTC) exchange-traded-fund (ETF) application. With this acceptance, the SEC has initiated the public comment period, seeking valuable feedback before launching their official review process.
The Valkyrie Saga
Under the official filing dated July 17, the US SEC has accepted the Valkyrie spot Bitcoin ETF for a potential rule change that would allow it to be listed and traded under Nasdaq. Public comments are due within 21 days after publication in the Federal Register, post which the US SEC will embark on its review process.
The news sparked excitement in the crypto community, with Eric Balchunas, a senior ETF analyst at Bloomberg, sharing on Twitter that the US SEC confirmed Valkyrie’s spot Bitcoin ETF application. Valkyrie is the latest entity to submit a spot Bitcoin ETF application in a wave of similar proposals. The chosen ticker “BRRR” for the Nasdaq listing added a unique twist to the story.
Valkyrie’s acceptance is not an isolated case. The US SEC has already approved the BlackRock spot Bitcoin ETF application. Additionally, Bitcoin ETF filings by prominent names like Fidelity Investments, WisdomTree, VanEck, Invesco, and ARK 21 Shares have also been given the green light. This trend suggests that the regulator is paying serious attention to these applications, paving the way for a potential spot Bitcoin ETF approval, which could be a game-changing victory for the crypto market.
A Bullish Undertone for Bitcoin
The acceptance of Valkyrie’s application has triggered positive vibes in the Bitcoin market. After BlackRock’s spot Bitcoin filing initiated a slew of similar applications, Bitcoin’s price began its ascent, crossing the $30,000 mark and maintaining a steady hold above it.
Despite a minor 1% drop in the last 24 hours, Bitcoin’s price hovers near the $30,000 level, showing resilience amidst market fluctuations. Moreover, a 68% increase in the trading volume over the last 24 hours suggests heightened trader interest, reinforcing the bullish sentiment.
