What will be the price of BTC?

Bitcoin remains above the $36,000 mark despite recent announcements from the US Securities and Exchange Commission (SEC) to delay the approval process for Bitcoin ETF applications in several areas.

In the year On November 17, the SEC filed extensions for its decision on Bitcoin ETF applications from GlobalX and Franklin Templeton.

SEC delays approval of Bitcoin ETF

The SEC is seeking public comment on a proposed rule change that would allow the listing of GlobalX's ETF on the Cboe BZX exchange. In August, the financial regulator said it would approve, reject or suspend the process until November to approve or reject the law change. 21.

In its current decision, the SEC has established a process that allows it to approve or reject the application until February 2024. Meanwhile, the federal agency has postponed its decision on Franklin Templeton's application until January 1, 2024. Both applications came to the scene following Blackrock. Bitcoin ETF application in June.

Read more: How to prepare for a Bitcoin ETF: A step-by-step approach

At the same time, there is a lot of talk about the SEC's potential proposal for a “create cash” money management system for ETF applicants. This system is seen as an alternative to trading funds for ETF shares and actual Bitcoins, eliminating the need to rely on third-party brokers.

Bloomberg analyst Eric Balchunas noted that while 2-3 filers may opt for cash creation, others may opt for an “in-kind” system. Balchunas emphasized that, despite the benefits of the “create cash” system, it creates challenges for investors in terms of distributions and taxes. He said this may make many applicants prefer the “in-kind” approach.

“This does not change our 90% chance up or down. [for a Bitcoin ETF approval]But it's a good sign that the process is moving forward and the SEC has a comfortable way forward in the pipeline, Balchunas asserted.

However, JPMorgan noted that similar ETFs in Canada and Europe have received little investor interest since their launch. Although Ripple and Grayscale have faced recent legal setbacks at the SEC, the company suggests that regulatory strictures on the crypto market may not be greatly eased due to its historically unregulated nature.

JPMorgan analysts have expressed doubts about the changes made by US lawmakers to crypto regulations, especially after the FTX scandal.

“Regulations of the US crypto industry are still pending and we do not believe that US lawmakers will change their position as a result of the two legal issues above,” JPMorgan analysts wrote.

The price of BTC will continue to hold steady

Despite these regulatory developments, the price of BTC has shown resistance, maintaining the price level above $36,000. According to data from BeinCrypto, the primary digital asset was trading at $36,628 at press time.

Read more: 7 must-have cryptocurrencies for your portfolio before the next bull run

Over the past several months, market optimism surrounding the approval of the Bitcoin ETF has pushed the price of BTC to annual highs. Major cryptocurrencies including Ethereum and Solana have benefited from this run.

Find out what could happen to the price of BTC now that the SEC has delayed its decision to approve more Bitcoin ETFs.