The crypto market has effectively been on pause – aside from a quick and short-lived spike this week – as investors wait for the SEC to give the green light to a bitcoin ETF.
This week bitcoin, as well as shares of Coinbase , briefly spiked on a false report that BlackRock 's proposed spot bitcoin ETF had been approved by the SEC.
BlackRock first filed its application in June and several other institutional players including Galaxy followed, taking BlackRock's move as a bullish signal for bitcoin ETF prospects as well as the long-term trajectory of bitcoin itself.
Although no bitcoin ETF has been greenlit still, Novogratz highlighted BlackRock's bitcoin blessing on Wednesday as another sign that "the dialogue with the SEC is all heading in the right direction."
Ark Invest CEO Cathie Wood echoed that sentiment this week, telling CNBC's "Halftime Report" the "SEC is engaging with us for a bitcoin ETF application.
Persons:
Mike Novogratz, Novogratz, Cathie Wood, CNBC's, bitcoin, Godot
Organizations:
SEC, Galaxy Investment Partners, Invesco, CNBC Wednesday, Securities and Exchange Commission, Coinbase, BlackRock, Galaxy
Locations:
U.S