Bitcoin price spikes $800 on claims SEC is engaging with exchanges over spot ETFs
The price of bitcoin spiked by $800 immediately following a report that the U.S. Securities and Exchange Commission has been interacting with exchanges in relation to numerous spot bitcoin ETF applications.
Balchunas noted that cash creates make sense because they reduce limitations on broker dealers. He said that a few bitcoin ETF applications had planned this already while the remainder had chosen to go for in-kind.
"Anyway, this doesn’t change our 90% odds up or down but is good sign the process marching and SEC has a path [forward] in the plumbing that they are comfortable with," he added.
The price of bitcoin surged from roughly $36,000 to $36,800 in just minutes following the post before settling down, according to The Block's Price Page.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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