Stocks gain as SEC rues BTC ETF decision 🚀

U.S. indexes edged higher on Wednesday, but the big story is the SEC decision on BTC ETFs....

Author

Adam Garcia
January 10, 2024

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Here’s what moved the market today.

Markets 📈

Stocks recovered from yesterday’s stumble to produce solid gains in today’s trading session, although the small-cap Russell 2K posted a small loss.

  • S&P 500 [+0.5%]

  • Dow [+0.4%]

  • Nasdaq [+0.7%]

  • Russell 2K [<0.1%]

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Market-Moving News 🔎 

⏰ Deadline Approaches for SEC Bitcoin Decision

Today marks a significant milestone, as the Securities and Exchange Commission (SEC) is set to make a decision on at least one of 11 bitcoin ETF applications.

This moment has been eagerly anticipated by cryptocurrency enthusiasts, and the potential for approval is viewed positively for bitcoin's market value.

🚨 A Stir in the Crypto Community 
Late Tuesday, an unexpected social media post claimed the SEC had green-lit the funds, causing a stir. However, the SEC swiftly clarified that the post was unauthorized, stating that their account had been "compromised" and that the message was not an intended announcement.

📈 Potential Outcomes of the SEC Decision 
As the deadline looms, there are several possible scenarios:

  1. Blanket Approval: The SEC might approve all 11 applications, including the one involving Cathie Wood’s ARK Investment Management, to avoid any perception of bias.

  2. Complete Rejection: Unlikely at this point, but the SEC could deny all applications.

  3. Selective Approvals: There could be a split decision, with approvals for exchange-submitted applications but rejections for those from asset managers.

  4. A More Complex Resolution: The SEC might opt for a nuanced approach that doesn't fit into the above categories.

📊 Bitcoin's Market Response 
As the decision approaches, Bitcoin hovers around the $46,000 mark. The crypto community is bracing for the impact of the SEC's ruling, which could significantly influence the launch timelines of these ETFs and the broader market sentiment.

Today's SEC decision, whether it brings approvals, rejections, or a mix, marks a key chapter in the evolving narrative of cryptocurrency and its intersection with traditional finance.

DocGo [DCGO] $2.99 (37.5%)
was the subject of a scathing report published by short seller Fuzzy Panda Research alleging fraud and illegal practices at the firm.

Sidus Space [SIDU] $13.01 (23.3%)
has officially regained compliance with Nasdaq’s minimum bid price requirement, according to an early morning announcement.

Aclaris Therapeutics [ACRS] $1.00 (21.4%)
Reported mixed results from a Phase 2b study of ATI-1777 in patients with mild to severe atopic dermatitis (eczema). 

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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