The Fate Of ARK's Bitcoin ETF: A Prolonged Wait?

The US Securities and Exchange Commission (SEC) is nearing a critical crossroads concerning ARK's application for a spot Bitcoin Exchange Traded Fund (ETF). With the August 13 deadline on the horizon, the financial world watches closely for the SEC's decisive verdict.

Timeline of Bitcoin

Valkyrie has applied to the US Securities and Exchange Commission (SEC) to add ETH futures contracts to its Valkyrie Bitcoin Strategy ETF (BTF). Valkyrie Makes A Move To Stay Ahead Of The Crowd Valkyrie's application represents a move to stay ahead of the crowd.

With anticipation growing surrounding the likely approval of a full-fledged spot Bitcoin (BTC) Exchange Traded Fund (ETF) in the United States, Ark Invest CEO Cathie Wood has shared her opinion on the probable pattern in which the Securities and Exchange Commission (SEC) will give its approval.

As uncertainty lingers in the market, profit-taking activity has increased. This resulted in a surge in weekly outflows from digital asset investment products last week, with Bitcoin being the "primary focus.

Grayscale recently made some remarks about the 2024 presidential election and Bitcoin's price. The digital assets hedge fund noted the historical Bitcoin market cycle lines up with the US election cycle.

Bitcoin price just formed a golden cross chart pattern over the 200 day window. This has only happened twice before on BTC's chart, and both times preceded bull runs to new all time highs.

Bitcoin (BTC) cancelled its three-day losing streak on Monday by adding half a percentage point to the BTC/USDT pair, hitting the midnight bell at US$29,178. Intraday trades went as low as US$28,650, but a bright start on the Nasdaq Composite lent a bit of support to risk assets.

Investor and podcaster Preston Pysh is predicting that Bitcoin (BTC) will put up 100% gains annually relative to fiat currencies. In a new interview with Scott Melker, Pysh says that Bitcoin will become an obvious store of value and a hedge against an increasing debasement of fiat currencies like the US dollar.

Coinbase Global Inc. has made headlines once again. This time, the world's leading crypto exchange is making waves with its intention to buy back a portion of its junk bonds. The move comes as Bitcoin, the reigning monarch of cryptocurrencies, flirts with its highest valuation for 2023.

Ark Invest's Cathie Wood has predicted that a race among exchange-traded fund providers will begin as the date for her own product application approaches. A slew of ETFs has been filed recently, overwhelming the Securities and Exchange Commission, which has been reluctant to approve any.

As Bitcoin struggles, cumulative volume drops below $20 billion, leading to a lack of interest in altcoins. Solana, Chiliz, and CEEK Coin have retraced to support levels, leaving investors concerned about their current situation.