Fidelity Investments has taken a significant step forward by listing a spot exchange-traded fund (ETF), known as FBTC, with Depository Trust &; Clearing Corporation (DTCC). The move comes at a time when the cryptocurrency market is closely monitoring the actions of the US Securities and Exchange Commission (SEC), with a particular focus on the regulator’s review process for with financial products related to cryptocurrency.
The listing of Fidelity’s FBTC ETF is in line with broader speculation among investors and industry players regarding potential SEC approval of various spot Bitcoin ETFs. Currently, Bitcoin price is at 43,513 USD, reflecting market optimism. Notably, Fidelity’s macro strategists recommended a minimum portfolio allocation to Bitcoin due to its strong performance compared to traditional benchmarks such as the S&P 500. They also expressed expectations for Upcoming regulatory endorsements for cryptocurrency products.
Looking ahead, the SEC may collectively approve several spot Bitcoin ETFs between January 6-10, 2024. This strategic timing is intended to prevent any single entity from gaining an unfair advantage in the market. Among the industry giants awaiting a decision are Fidelity and Blackrock. The SEC has also extended the public comment period on a related Ethereum ETF proposal filed by Fidelity, indicating a thorough review process.
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