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On September 8, 2023, the Bitcoin Wikipedia page saw a record 7,830 daily visits, piquing curiosity about the cryptocurrency’s context.

The top number of daily views for 2023 was reached on September 8 with a total of 7,830 visits to the Bitcoin-related Wikipedia page. This rise might be explained by the possibility that a Bitcoin-based ETF will soon be introduced, which would lead more individuals to research the famed cryptocurrency in order to comprehend its context.

7,830 views on the Wikipedia article for the year 2023

As expected, there has recently been a considerable rise in daily traffic to the Wikipedia page for searches connected to bitcoin. This page notably had a remarkable peak on September 8 with 7,830 views, which is the most in all of 2023.

The anticipation of a potential Bitcoin-based ETF launch appears to be the cause of the increased interest. According to The Block Pro, this has led many people to investigate the nuances of this well-known cryptocurrency.

At Benzinga’s Future of Digital Assets conference, scheduled for November 14, discussions will center on this rising interest in Bitcoin and the potential for an ETF. The evolving dynamics of the world of digital assets will be thoroughly discussed throughout the event, with a focus on the Bitcoin ETF in particular.

Spot cryptocurrency volumes, meanwhile, fell sharply to $9.01 billion on September 10. It’s interesting because this is the first time since November 2020 that volume has gone below the $10 billion threshold.

Notably, Binance, one of the top platforms for cryptocurrency exchanges, saw the biggest drop, particularly following the end of its campaign for zero-commission BTC spot trading.

Bitcoin

Franklin Templeton submits a Bitcoin ETF application

A prestigious financial organization, Franklin Templeton, just submitted its application to launch a Bitcoin ETF, making it the 12th asset manager to do so.

The management specifically aligns with firms like BlackRock, ARK Invest, Grayscale, and WisdomTree.

Templeton intends to give institutional investors the chance to invest directly in Bitcoin, the most popular cryptocurrency, with a portfolio of assets under management that exceeds $1.4 trillion.

If the application is accepted, the “Franklin Bitcoin ETF” (whose ticker has not yet been issued) will be listed and traded on the Cboe BZX Exchange.

Following the pattern of other applicants, Coinbase, one of the top cryptocurrency exchanges in the US, will serve as the custodian of the fund’s Bitcoin holdings.

Templeton’s application must nevertheless go through a cumbersome administrative procedure at the SEC because it must be officially registered before the examination can begin.

The SEC has a 240-day window during this review process to decide whether to approve or disapprove the application.

The Commission has chosen to postpone making decisions on ETF applications from many managers, including BlackRock, WisdomTree, Invesco, Fidelity, Valkyrie, VanEck, and Bitwise, even though most applicants have already past the first 45-day deadline.

Bitwise’s application will be taken into account on October 16th, although the Commission has the option of delaying the decision even further.

Gary Gensler on the Senate floor: identifying ETF difficulties and crypto regulation

The Securities and Exchange Commission’s (SEC) chairman, Gary Gensler, spoke before the Senate Banking Committee on September 12 and addressed a number of inquiries about issues like artificial intelligence and enforcement measures aimed at the cryptocurrency sector.

Gensler was unwavering in his assertion that the US SEC should keep an eye on the cryptocurrency market, but he refrained from directly responding to a question on whether exchange-traded funds (ETFs) for cryptocurrencies should be approved.

When Senator Hagerty questioned Gensler about the standards the SEC ought to use in assessing cryptocurrency exchange-traded funds (ETFs), Gensler merely responded that they are currently reviewing a number of documents pertaining to these funds, as well as documents pertaining to Grayscale, and that they are awaiting recommendations from the Commission staff.

Eric Balchunas, a senior ETF analyst at Bloomberg, observed that this response appears to lack clarity and suggests that Gensler is attempting to avoid adopting a firm stance.

Balchunas also drew attention to the fact that Gensler referred to a number of documents that had nothing to do with Grayscale but did so without offering many specific responses to the query.

This information was released just seven days after Grayscale’s attorneys contacted the SEC to request a meeting regarding securities regulation.

The letter drew attention to the fact that the SEC’s examination of the application filed by Grayscale had taken three times as long as would have been required under the securities laws.

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