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  • The decision was anticipated, and the SEC’s press release outlined the plan.
  • ETFs have been hot news in the crypto world with major firms like BlackRock interested.

The U.S. Securities and Exchange Commission (SEC) announced a delay in its approval for Global X’s spot Bitcoin [BTC] exchange-traded fund [ETF], listed on the Cboe exchange.

The SEC initiated a comment period for the Global X Bitcoin Trust, a collaboration with the Cboe BZX exchange, extending until late December.

The decision was anticipated, and the SEC’s press release on 17th November outlined the plan, expecting public comments within the next 35 days. This pushed the new deadline for the Global X ETF approval or disapproval to 22nd December.

Bloomberg ETF analyst James Seyffert already hinted at the impending delay on X. Even though the decision was originally scheduled for 21st November, the delay was in line with Seyffert’s predictions.

However, Global X wasn’t the sole player facing a delayed judgment.

The SEC concurrently deferred its decision on the Franklin Bitcoin ETF until the early days of 2024, amplifying the anticipation surrounding crypto-related financial instruments.

Recently BlackRock, the investment management giant, officially placed its bet on Ethereum [ETH], submitting an S-1 application for a spot Ethereum ETF to the SEC on 15th November. This follows BlackRock’s recent Nasdaq filing, revealing ambitious plans for Ethereum.

XRP frenzy after fake ETF news

In a whirlwind of market activity, a deceptive claim regarding BlackRock launching a Ripple [XRP] ETF sparked chaos, resulting in a 12% surge in XRP prices and the liquidation of millions in futures positions.

The commotion initiated with the widespread circulation of an unverified post on the social platform X. It showed a regulatory filing by BlackRock for the iShares XRP Trust. This is typically a precursor to ETF launches. Similar filings preceded the introduction of Bitcoin and Ethereum by the world’s largest asset manager.

However, the exuberance proved short-lived as Bloomberg analyst Eric Balchunas promptly discredited the filing’s accuracy, asserting that it might have been a fraudulent use of BlackRock officials’ identities.

The repercussions extended beyond immediate price fluctuations, impacting XRP derivatives traders. Coinglass reported liquidations exceeding $7 million in the last 24 hours, with a majority—66%—attributed to long positions.

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