Bitcoin hits $37,000 despite US SEC intends to stop Bitcoin ETF launch: What is the next move?

The rally in the Bitcoin trade price is going on and the bullish sentiments are ignoring the American regulator’s negative moves blindly.

The current trade price of Bitcoin (BTC), the top crypto asset by market cap, is $36,916 & this trade price is 4.63% high over the last 24 hours trade price.

Bitcoin hits $37,000 despite US SEC intends to stop Bitcoin ETF launch: What is the next move? 4 — Source: Coinmarketcap (CMC)

The trade price of Bitcoin is currently 122% higher year to Date (YTD) and this is enough to imagine the degree of bullish sentiments in the crypto market.

As all of the US know, Bitcoin entered the initial phase of the bull run because of the news related to Bitcoin spot ETFs.

According to ETF experts, the United States Securities and Exchange Commission (SEC) will green signal multiple Bitcoin spot ETF products in the next 2-3 months. If it happens then it will bring a new era for the Bitcoin market, as billions of investments will come in Bitcoin.

Amid these bitcoin-friendly news & speculations, a very big negative news came about Bitcoin in link with the SEC’s intention.

On 9 Nov 2023, Bloomberg’s ETF expert James Seyffart shared his analysis on the Bitcoin spot ETF applications and said that these applications require two approvals from the SEC body: one for trading rules and one for the ETF’s details and risks.

In short, James believes that we should not remain optimistic on behalf of the speculations because there are chances that such products could take weeks or months to get second approval, just before the official trading start date.

What Scott said: There are TWO paths that need to be completed for an ETF launch. Even if 19b-4 is approved, S-1s still need sign off from division of Corp Fin. No sign that's done yet. Possible and even likely that there could be weeks or even months between approval & launch https://t.co/LZSdutmlT8 pic.twitter.com/7OLj5HjSDy
— James Seyffart (@JSeyff) November 8, 2023

In a follow-up tweet, the ETF expert directly claimed that the SEC body itself created huge difficulties for the Bitcoin spot ETF applications.

They gotta make things more difficult here
— James Seyffart (@JSeyff) November 8, 2023

In the past, the SEC body rejected all the Bitcoin spot ETF applications blindly. In every application rejection, the SEC body mentioned price manipulation as the biggest issue.

At present, more than 12 Bitcoin spot ETF applications are in queue to get a green signal from the crypto hater regulatory body.

Bitcoin’s next move

A popular Bitcoin technical analyst shared his opinion on the current phase of Bitcoin and said that patterns compared to past 4 Bitcoin bull years are showing that Bitcoin is going to follow a massive rally.