TLDR:
- UK economy unexpectedly grows by 0.2% in Q2, defying economist predictions.
- Monthly growth of 0.5% in June contributes to the surprising performance.
- BoE likely to consider more interest rate hikes due to strong economic resilience.
- Manufacturing and business investment see significant growth in Q2.
- Despite the growth, the UK remains below late 2019 levels; recession concerns linger.
The U.S. Securities and Exchange Commission (SEC) has announced a significant delay in its decision regarding the approval of the spot bitcoin exchange-traded fund (ETF) led by Cathie Wood’s Ark Investment Management (ARK). This delay, revealed in a recent filing by the regulatory body on Friday, has raised questions about the future of this particular ETF within the evolving cryptocurrency landscape.
The U.S. SEC has taken a step back in its assessment of the spot bitcoin ETF application submitted by Cathie Wood-led Ark Investment Management (ARK). The regulatory authority, responsible for overseeing investment activities and ensuring market integrity, has extended the decision date by several weeks, with the previous deadline of August 13 now being postponed. This delay comes in the wake of the SEC’s efforts to seek public input and gather more information on the Ark 21Shares Bitcoin ETF application.
Over the past few years, the SEC has consistently turned down numerous applications for spot bitcoin ETFs, which are investment vehicles directly tied to the price of bitcoin. The basis for these rejections has often been the perceived lack of robust trading surveillance, potentially rendering the underlying spot market susceptible to fraudulent activities and manipulation. However, bitcoin ETFs based on futures contracts, which track the price of these contracts rather than the actual cryptocurrency, have been allowed since October 2021.
The cryptocurrency markets have experienced a resurgence in recent months, primarily driven by increased interest from major financial institutions. This revival has followed a period of stagnation following the collapse of prominent firms in the previous year, including FTX led by Sam Bankman-Fried. Notably, in June, BlackRock, the world’s largest asset manager, filed for its own Bitcoin ETF, signaling a significant shift in the industry landscape.
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Despite the ongoing regulatory scrutiny and delays, the collaboration between Cathie Wood’s ARK and crypto investment firm 21Shares US LLC in filing the application for a spot bitcoin ETF remains a notable development in the evolving cryptocurrency sector. As the SEC continues to gather public comments and insights, the decision on the Ark 21Shares Bitcoin ETF application will undoubtedly be closely watched by investors, regulators, and industry participants alike. The outcome of this decision has the potential to shape the future trajectory of cryptocurrency investment offerings and their regulatory landscape.
