BTC Price Not Significantly Affected By Major SEC Move Suggesting Imminent Bitcoin ETF Approval

The latest claim that the U.S. Securities and Exchange Commission (SEC) met with stock exchanges like Nasdaq, CBOE and NYSE this week to finalize comments on spot Bitcoin exchange-traded fund (ETF) applications did not significantly affect the price of BTC.

Amid the report that erased people's hopes of seeing the first spot Bitcoin ETF in the U.S. this January, Fox Business journalist Eleanor Terrett shared that the SEC held meetings with major stock exchanges in the country, such as the New York Stock Exchange (NYSE), the Nasdaq Stock Market (Nasdaq) and the Chicago Board Options Exchange (CBOE) to finalize comments on the 19b-4 submitted by aspiring issuers.

Self-regulatory organizations (SROs) use the SEC Form 19b-4 to let the regulator know about any proposed rule change. As SROs, stock exchanges and financial regulatory bodies are required to file their bylaws, rules and regulations with the commission to ensure that the changes are publicly recorded.

The SEC has been under significant scrutiny lately as the crypto industry awaits the agency's ruling on the spot Bitcoin ETF applications of 13 hopeful issuers which, when approved, are expected to unlock opportunities and provide access for traditional investment in the world's largest cryptocurrency asset by market capitalization, Bitcoin.

It is worth noting, however, that the agency has rejected spot Bitcoin ETF applications in the past.

Terrett, who dropped the latest information about the highly anticipated crypto investment vehicle, said earlier this week that a Wednesday announcement of the SEC on its decision on the applications "seems tight." The journalist also underlined that the recent wave of documents or amended S-1 submitted by issuers would keep SEC officials occupied.

Despite this major development, the value of Bitcoin remained significantly unaffected.

While the king of crypto surged above the $45,000 price point on Monday following claims that the SEC would announce its decision on spot Bitcoin ETF applications this week, its value dropped to as low as $40,000 after research suggested that the agency would reject all applications this month.

Bitcoin was trading in the red zone at $42,913.05 with a 24-hour trading volume up by 58.98% at $47.27 billion as of 4:56 a.m. ET on Thursday.

Bitcoin's latest price action represents a 5.15% dip in its value over the past 24 hours and a 0.07% loss in the last seven days.

Data from cryptocurrency aggregator CoinMarketcap shows that its current circulating supply stands at 19.59 million BTC and its market cap is at $840.81 billion.