SEC Delays Decision on 7 Bitcoin Spot ETF Applications
The U.S. Securities and Exchange Commission (SEC) has postponed its decision timeline for seven Bitcoin spot ETF applications, including those from:
- WisdomTree
- Invesco Galaxy
- Valkyrie
- Fidelity
- VanEck
- Bitwise
- BlackRock
New deadlines now extend to mid-October 2023, dampening market optimism following Grayscale's recent court victory. Analysts suggest the SEC may be awaiting clearer market surveillance mechanisms through proposed "shared monitoring agreements" with crypto exchanges like Coinbase.
Thailand's Groundbreaking Digital Stimulus Plan
Thailand's incoming government under Prime Minister Srettha Thavisin will implement a 560 billion THB ($16 billion) digital asset distribution program:
👉 How Thailand's crypto stimulus compares globally
Key details:
- Eligibility: All citizens aged 16+
- Amount: 10,000 THB (~$285) per person
- Usage: Restricted to 4km radius of residence for 6 months
- Technology: Blockchain-based KYC system (6-month development timeline)
This initiative follows Vietnam's lead as Asia's crypto adoption leader, where:
- 19% of adults use digital assets
- 200+ blockchain projects operate
- 76% of investors follow peer recommendations
JPMorgan's Crypto Travel Services Revealed
Trademark filings expose JPMorgan Chase's "CHASE TRAVEL" plans involving:
- Loyalty programs with crypto rewards
- Currency exchange including Bitcoin transactions
- Travel insurance with crypto payment options
Industry experts interpret this as preparation for crypto-integrated credit card services, particularly for international travelers.
Bitcoin Technical Outlook
CMTrade's 4-hour analysis shows:
- Resistance: 26,454 - 26,726
- Support: 25,715 - 25,515
- MACD: Bearish crossover near zero line
- RSI: Weakness below 50
Short-term trading strategy favors cautious downside positions.
FAQ: Asia's Crypto Developments
Q: How will Thailand prevent misuse of its digital assets?
A: The tokens expire in 6 months, can't convert to cash, and feature geo-restricted spending.
Q: Why did Vietnam become Asia's crypto leader?
A: Favorable demographics, peer-driven adoption, and proactive DEX usage created critical mass.
Q: What's the significance of JPMorgan's trademark?
A: It signals institutional readiness to bridge traditional finance with crypto utilities.
Q: When might Bitcoin ETFs actually launch?
A: October decisions could set 2024 approvals in motion, especially with court-mandated SEC reviews.