• Valkyrie joined the band of asset managers after updating its filing for a spot Bitcoin ETF on Wednesday, naming Coinbase as its SSA counterpart.
  • Just this Monday, BlackRock, as well as exchange CBOE, refiled their applications following the SEC’s comments of the previous filings being unclear and incomplete.
  • Bitcoin price slipped below $31,000 after marking a 13-month high but is holding above $30,000.

Valkyrie, an asset management firm, was among the first few applicants for a spot Bitcoin exchange-traded fund (ETF) last month. These applicants included the likes of BlackRock, the biggest asset manager in the world, as well as Fidelity and many more. However, the US Securities and Exchange Commission (SEC) came down on the applicants, virtually rejecting them. 

Read more - COIN price shoots up by 10% as BlackRock and CBOE refile Bitcoin ETFs, partnering with Coinbase

Valkyrie goes for Bitcoin ETF again

Valkyrie is set to challenge the SEC’s comments of the previous spot Bitcoin ETF filings being unclear and incomplete. The regulatory body noted that the applications were inadequate, leading the applicants to look for a surveillance-sharing agreement (SSA) counterpart. The surveillance partner enables sharing of information with regulators to prevent market manipulation and other unwanted behaviors. 

Coinbase emerged as the solution as BlackRock, Chicago Board Options Exchange (CBOE), and now Valkyrie, too, opted to choose the exchange as the SSA counterpart. This decision came despite the fact that the SEC is actively pursuing a lawsuit against Coinbase for violating Securities law.

Valkyrie stood out of the pack as the asset manager chose to update its earlier filing. The rest of the applicants submitted a fresh 19b-4 filing addressing the SEC’s concerns.

However, amidst the regulatory chaos, Bitcoin price stood largely unbothered above $30,000. Even though the cryptocurrency fell below $31,000 on Tuesday, it was mostly due to the market cooling down following the recent uptick in price. 

Investors are still betting on BTC to recover and mark a new 2023 high after already noting a 13-month high earlier this week. But the price indicators might suggest a change in trend. The Moving Average Convergence Divergence (MACD) indicator is on the verge of a bearish crossover. The green bars on the histogram are also about to turn red, indicating receding bullishness.

BTC/USD 1-day chart

BTC/USD 1-day chart

Thus, a bearish pressure might lead to a drawdown in Bitcoin price to $28,138 or fall further below to tag $27,331. 

To know more about potential Bitcoin price target, read on - Bitcoin price stalls at $31,500, putting short-term BTC trader gains in jeopardy


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP