Analyst: Crypto Market Overreacted To US SEC Bitcoin ETF News

Also Read: Bitcoin Supply on Exchanges Hits 5-Year Low Amidst Growing Investor Demand

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A Wall Street Journal report on Friday cited sources in the SEC officials as saying that the recent spot ETF applications are inadequate. The regulators said the filings were not clear and comprehensive as details of the surveillance sharing agreement with crypto exchanges was missing. However, this is most likely to be a request to refile on the grounds of incomplete information in the filings.

Bitcoin Price Showed Overreaction?

Reacting to the market reaction to the US SEC news on the filings, popular analyst Will Clemente said the traders might have overreacted to what was just a technical concern that Blackrock and Fidelity can fix in the refiling. Hence, the refilings from the asset managers could have a mention of Coinbase as the Bitcoin exchange they are linked with to have the surveillance sharing agreement.

If and when the SEC decides on the spot Bitcoin ETF filings officially, it could turn out to be a huge market moving event for a long time ahead. It may be recalled that in the recent SEC lawsuits, many felt that US based crypto exchange Coinbase was treated differently in comparison to the harsh charges leveled against Binance CEO CZ, although both the cases involved violation of securities laws.

Also Read: Ripple Partner Volante Completes FedNow Testing With Custodian Bank, XRP To $1?

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