[Bitcoin Now] Bitcoin ETF Launch Delayed Again... Decision in June
US Financial Authorities Take a Cautious Approach to Bitcoin ETFs
Tesla Holds Approximately 2.8 Trillion Won Worth of Bitcoin
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[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin has fallen to the 63 million KRW range. This appears to be due to the U.S. financial authorities postponing the approval of the Bitcoin exchange-traded fund (ETF), a representative cryptocurrency ETF.
According to the domestic cryptocurrency exchange Upbit, as of 2:36 PM on the 29th, Bitcoin recorded 63.4 million KRW, down 0.95% compared to the previous day. It rose to 65.3 million KRW at 5:07 AM that day but dropped to the 63 million KRW range within about 30 minutes.
It is interpreted that the U.S. Securities and Exchange Commission (SEC) postponing the launch of the Bitcoin ETF had a negative impact. On the 28th (local time), U.S. economic media CNBC reported that the SEC postponed the decision on approving VanEck's Bitcoin ETF from May to June. An SEC official stated, "The decision was delayed to thoroughly review requests for regulatory changes."
The SEC seems to be taking a more cautious approach to the Bitcoin ETF. Although there were expectations that the Bitcoin ETF would be launched soon following the appointment of Gary Gensler, a cryptocurrency-friendly new SEC chairman, on the 14th, the stance appears somewhat more cautious. Mohit Bahaz, Director of the ETF division at Walatzves Capital, interpreted, "The SEC is taking a closer look due to concerns about unforeseen risks." However, industry expectations for the launch itself remain strong. David Tawil, CEO of ProChain Capital, said, "The SEC's postponement of the Bitcoin ETF decision is not a significant event that would change the trend, so it is bound to be launched."
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Meanwhile, Tesla, which sold Bitcoin worth 270 million USD on the 26th, still holds a large amount of Bitcoin. On the 28th, CNBC reported that as of the end of last month, Tesla holds about 2.48 billion USD (approximately 27.468 trillion KRW) worth of Bitcoin. Earlier, on February 9th, Tesla disclosed that it had purchased Bitcoin worth 1.5 billion USD. Considering that it sold Bitcoin worth 272 million USD on the 26th, making a profit of about 110 million USD, the value of its Bitcoin holdings has nearly doubled.
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