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This is the company’s second Bitcoin Exchange-Traded Fund (ETF) application, with the first one being rejected two years ago. However, WisdomTree’s global chief investment officer, Jeremy Schwartz, believes that this time could be different.
Schwartz points to the firm’s successful product launches in Europe, where regulators have been more accommodating and have gained confidence in the mechanisms and custodians involved in Bitcoin ETFs.
The SEC had previously rejected WisdomTree’s applications, citing concerns about investor protection and the public interest. In their updated filing, WisdomTree has made changes that they hope will address the SEC’s concerns.
This includes data-sharing agreements and surveillance sharing to combat market manipulation. Schwartz acknowledges that addressing market manipulation is a crucial aspect that all parties are working on.
The timing of WisdomTree’s latest attempt comes as there is an increased appetite for Bitcoin, with prices up nearly 84% so far this year. Schwartz believes that the key to SEC approval lies in data-sharing agreements and whether the exchanges can provide the necessary comfort to regulators.
It is worth noting that Fidelity Investments is also pursuing a spot bitcoin ETF despite previous failures, indicating a growing interest in the industry. Other major players like BlackRock, VanEck, and Invesco are also attempting to launch Bitcoin ETFs.
Key BTC Levels To Watch – July 3
The recent emergence of three white soldiers, a bullish candlestick pattern, has resulted in a break of the falling wedge pattern that had been influencing Bitcoin’s price movement. This breakout is seen as a positive signal for potential upward momentum.
However, the market is currently facing challenges in surpassing the supply level of 31050. The supply level acts as a significant barrier, where selling pressure tends to increase and restrict further price advances.
According to reports, #Fidelity, #Vaneck, #Invesco, #Ark, #WisdomTree, etc have now all re-filed #Bitcoin Spot #ETFs in accordance with the #SEC’s comments.#BreakingNews #Crypto #BTC #ETF #BitcoinETF #Binance #Coinbase #Twitter #News #US #USA #Interest #Inflation #CPI #PCE… pic.twitter.com/WGAlowqtjv
— Fahad Faqeeh (@FahadFaqeeh65) June 30, 2023
The market participants are struggling to overcome this resistance level, indicating a potential tug-of-war between buyers and sellers.
Additionally, the Stochastic Oscillator, a momentum indicator, has signaled that the market is overbought. The overbought condition could potentially lead to a short-term reversal or a period of price consolidation.
BTC Key Levels
Supply Levels: 31050.0, 32000.0, 36000.0
Demand Levels: 28500.0, 25300.0, 20400.0
Total Market Capitalization: $1.2T
BTC Market Capitalization: $592.0 B
BTC Volume: $8.8B
Market Rank: #1
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