In the field of digital currency, there have always been various variables and challenges. Recently, the U.S. Securities and Exchange Commission (SEC) has been negotiating with some exchanges on Bitcoin spot exchange-traded funds (ETFs), which has attracted great attention from the market. At the same time, the price of Bitcoin (BTC) has remained strong at the level of $36,000, which has brought new thinking to people. This article will explore these important information in depth and analyze its possible impact and future development trends.

In the world of digital currency, Bitcoin has always been one of the focuses of attention. As one of the earliest cryptocurrencies, the price fluctuations of Bitcoin have always attracted much attention. Recently, the price of Bitcoin has remained at the level of $36,000, showing a certain market stability. This strong price not only reflects investors' confidence in Bitcoin, but also reflects the market's optimistic expectations for the future development of digital currency. Although Bitcoin prices fluctuate greatly, its long-term trend is still positive, which has also injected new vitality into the digital currency market.

The news that the SEC is negotiating with exchanges on Bitcoin spot ETFs has also attracted widespread attention from the market. As an investment tool, ETFs can provide investors with a more convenient and secure way to invest in digital currencies. Once the Bitcoin spot ETF is approved, it will open the door to the digital currency market for more traditional investors and further promote the popularization and development of digital currencies. The consultations between the SEC and the exchanges will bring more compliance and transparency to the digital currency market, provide investors with a more reliable investment environment, and help the healthy development of the digital currency industry.

From a macro perspective, the development of the digital currency market is inseparable from the joint efforts of regulators, exchanges, and investors. The negotiations between the SEC and the exchanges on the Bitcoin spot ETF reflect the regulators' attention and support for the digital currency industry. This cooperation between regulators and market players will create a more stable and transparent investment environment for the digital currency market and lay a solid foundation for the long-term development of the industry. As an emerging industry, the digital currency industry requires the joint efforts of all parties to achieve healthy and sustainable development.

In the development of the digital currency market, Bitcoin has always played an important role. As the first generation of cryptocurrency, it has a high degree of popularity and market recognition. The stability of Bitcoin prices has a positive demonstration effect on the entire digital currency market and has set an example for the development of other digital currencies. As the digital currency market continues to mature and develop, it is believed that Bitcoin will continue to play an important role and lead the direction of the industry.

In general, the development of the digital currency market is inseparable from the joint efforts and support of all parties. The negotiations between the SEC and the exchanges on the Bitcoin spot ETF provide an important opportunity for the standardization and compliance development of the digital currency market. The continued stability of Bitcoin prices has also injected confidence and vitality into the market. In the future, with the further development of the digital currency market, I believe there will be more innovations and opportunities, bringing more choices and possibilities to investors. Let us look forward to the bright future of the digital currency market together!

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Coin Circle (120BTC.com): Good news came again today (18) about the progress of the application of Bitcoin spot ETF in the United States. Bloomberg ETF analyst Eric Balchunas revealed in a tweet that the U.S. Securities and Exchange Commission (SEC) has contacted exchanges regarding a large number of Bitcoin spot ETF applications. 

"I heard that the SEC's Trading and Markets Division communicated with exchanges this week on the 19b-4s form for Bitcoin spot ETFs. The SEC recommends that applicants conduct "cash subscriptions" (rather than physical subscriptions) for spot ETFs and asks them to propose amendments to this in the coming weeks. This is not surprising, but it is still a good sign. "" 

SEC recommends that Bitcoin spot ETFs adopt "cash subscriptions"  

Balchunas believes that the "cash subscriptions" proposed by the SEC make sense because broker-dealers cannot trade Bitcoin. Cash creation allows issuers to conduct Bitcoin transactions responsibly and broker-dealers do not have to use unregistered subsidiaries or third-party companies to trade Bitcoin. This method makes the overall restrictions less. 

He said that a small number of Bitcoin spot ETF applications have adopted "cash subscription", while the rest of the institutions have chosen physical subscription.

"Only 2-3 applicants plan to adopt "cash subscription", while the rest hope to do it in kind. These institutions that choose physical creation may have to make adjustments or risk delayed approval. "

However, he believes that the latest proposal put forward by the SEC will not change their earlier prediction that by January 10 next year, the probability of Bitcoin spot ETF being approved by the SEC is 90%.

"This is a good sign, which means that the process is moving forward and the SEC has found a path in the pipeline that they are satisfied with. "

SEC postpones two more Bitcoin spot ETF decisions

However, following Thursday, the SEC postponed the decisions on Hashdex's "Bitcoin Spot ETF" and Grayscale's "Ethereum Futures ETF".

As analysts expected, today the SEC officially delayed the decision time of Franklin Templeton and GlobalX's Bitcoin spot ETF application to early January 2024. The SEC can still decide to postpone the decision again at that time.

BTC jumped in the early morning

After the SEC made suggestions on the Bitcoin spot ETF application, investors expected the possibility of approval to be further increased. The price of Bitcoin once quickly climbed 2.7% to $36,800 in the early morning today. It was reported at $36,418 before the deadline, and the decline in the past 24 hours narrowed to 0.2%.