Former SEC Official Takes Dig At Spot Bitcoin ETF Applicants

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Crypto News LIVE Updates: Last week, the SEC issued a “fear of missing out” warning to the broader public. The warning comes at a time when the spot Bitcoin ETF buzz has lifted the global crypto market cap this month. The US securities watchdog believes that even if such a product was approved, it doesn’t necessarily mean everybody should dip their toes in it.

As investors grew nervous about Bitcoin ETFs, a former SEC official took a swipe at the spot Bitcoin ETF applicants, calling them “opportunistic cartels” that are generating hype around a product with zero inherent value. Note that several financial giants, including the likes of BlackRock and Grayscale Investments, have made a beeline to offer spot Bitcoin products.

Meanwhile, the global crypto market tumbled over 1.2% in the past 24 hours to $1.63 trillion. Bitcoin’s price had dropped below $43,310 in the early morning, but the OG cryptocurrency has since pared some losses. BTC price currently stands at $43,857, down 0.2% over the last 24 hours. At press time, all top cryptocurrencies by market cap were trading in the red, except Tether (USDT) and USDC.

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02:10:56 PM IST, 8 January 2024

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12:00:31 PM IST, 8 January 2024

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10:49:37 AM IST, 8 January 2024

Crypto News LIVE: Spot Bitcoin ETFs Will Expose Investors To “Financial Ruin and Incalculable Risk”, Warns Former SEC Official

Former US SEC official John Reed Stark on Sunday took aim at spot Bitcoin ETF applicants, calling them “opportunistic cartels”. Stark remarked that a spot Bitcoin ETF has no inherent value whatsoever, warning that financial giants pursuing such a product are exposing investors to  “financial ruin and incalculable risk” — only to line their pockets.

09:47:11 AM IST, 8 January 2024

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09:19:03 AM IST, 8 January 2024

Crypto News LIVE: Bloomberg Analyst Flashes 95% Odds of Bitcoin ETF Approval

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08:52:48 AM IST, 8 January 2024

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08:40:15 AM IST, 8 January 2024

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