[Bitcoin Now] Slight Rebound to Around 43 Million KRW... Wall Street Pressures for Cryptocurrency ETF Approval

Fidelity Investments Faces Ongoing Pressure from SEC Over SkyBridge Capital
Bestselling Author Robert Kiyosaki Says "Bitcoin Plunge Is a Buying Opportunity"

[Image source=AP Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin has slightly rebounded to the 43 million KRW range. Major financial institutions in the United States are reportedly lobbying to pressure regulatory authorities for the approval of Bitcoin exchange-traded funds (ETFs) on the US stock market.

According to the domestic cryptocurrency exchange Upbit, as of 7:38 a.m. on the 1st, Bitcoin recorded 43.66 million KRW, up 1.13% from the previous day. It had fallen to 40.58 million KRW on the 30th of last month but has since rebounded.

Wall Street in the US has been lobbying for the launch of Bitcoin ETFs. On the 31st of last month (local time), US political media outlet Politico reported that major US asset management firm Fidelity Investments and well-known hedge fund SkyBridge Capital have been continuously pressuring the US Securities and Exchange Commission (SEC) for approval of Bitcoin ETF launches. In fact, the SEC began reviewing the Bitcoin ETF approval applications submitted by Fidelity Investments and SkyBridge Capital from the 21st of last month.

The outlook for the launch of Bitcoin ETFs on the US stock market does not seem bright. Although expectations rose that Bitcoin ETFs would soon be launched with the appointment of Gary Gensler, known to be favorable to cryptocurrencies, as the new SEC chairman, he has shown a somewhat negative attitude. On the 6th of last month, during a hearing of the US House Financial Services Committee, he stated, “Congress should take the lead in regulating the cryptocurrency market,” and the SEC’s Investment Management Division issued a statement calling Bitcoin “a highly speculative asset.” The US political sphere is also negative about cryptocurrencies. Democratic Senator Elizabeth Warren pointed out, “The recent extreme volatility in cryptocurrencies sends a warning message to regulators.”

Nevertheless, opinions suggesting buying at low prices have been raised. On the 31st, Robert Kiyosaki, author of the bestseller "Rich Dad Poor Dad," tweeted, “The sharp drop in Bitcoin is an opportunity to buy at a low price,” adding, “If Bitcoin’s price falls to $27,000 (about 29.92 million KRW), I might personally buy.” Previously, last year, Kiyosaki had expressed continued support for Bitcoin, saying he trusts Bitcoin more than the dollar.

Meanwhile, US regulatory authorities are expected to further tighten pressure on the cryptocurrency market. According to the British economic media Financial Times on the 30th of last month, Michael Hsu, acting head of the US Office of the Comptroller of the Currency (OCC), said, “US intelligence agencies want to cooperate to establish standards for cryptocurrency regulation,” adding, “Ultimately, the key is inter-agency cooperation.” He also explained, “Earlier this month, senior officials from the OCC, Federal Reserve (Fed), and Federal Deposit Insurance Corporation (FDIC) met,” and “Although it was not a meeting to create immediate policies, it is necessary to respond before cryptocurrency issues become unmanageable.”

This content was produced with the assistance of AI translation services.