Bitcoin ETF Approval Date Hinted By Expert: SEC Decision Expected January 5th – 10th, 2024
01 Dezembro 2023 - 2:21PM
NEWSBTC
Anticipation is building as major asset managers’ predicted
approval date for Bitcoin ETF applications approaches 2024. Experts
have now issued bold predictions, with Bloomberg exchange-traded
fund (ETF) expert James Seyffart pinpointing the potential approval
window from January 5th to January 10th. The significance of
this timeframe has sparked excitement within the cryptocurrency
community, as the approval could mark a major milestone for the
industry. However, experts emphasize that failure to approve during
this window could have significant implications for the SEC and
potential ETF applicants. Bitcoin ETF Approval Expected On January
8th According to James Seyffart, any potential approval orders for
the Bitcoin (BTC) ETF are likely to occur on Monday, January 8th,
Tuesday, January 9th, or Wednesday, January 10th. Seyffart and
expert Eric Balchunas estimate a 10% chance or less that the
approval will fall outside this window. Furthermore, Seyffart
believes that failure to approve the ETF during the predicted
window could indicate a significant shift in the SEC’s stance on
cryptocurrency-related financial products. This would suggest
that either SEC Chairman Gary Gensler and the regulator have taken
an aggressive approach or believe the market is not ready for a
spot Bitcoin ETF. In the latter scenario, it is possible that ETF
applicants such as ARK Invest and 21Shares have voluntarily
withdrawn their applications with assurances of future
consideration. Related Reading: Crypto Analyst Explores The Hype:
Are These The Best 2 AI Altcoins? Caitlin Long, founder and CEO of
Custodia Bank, believes that if the predicted approval window holds
true, there will be an intense marketing battle among Bitcoin spot
ETF issuers. Long highlights that the spotlight will be on
these issuers as they compete for investors’ attention and navigate
the post-approval landscape. This development is expected to
generate excitement among mainstream investors, with many
expressing curiosity about Bitcoin’s resurgence following previous
periods of doubt. The potential approval timing aligns with
the April halving event and the US presidential election, adding
further intrigue to the market dynamics. BTC Hits New Yearly High
Amidst High Probability Of Approval According to insider sources,
the SEC has conducted extensive meetings with Bitcoin spot ETF
issuers. These discussions have indicated a high probability of
approval, with a reported 99% confidence level. The SEC is
said to meticulously review all applications, ensuring that every
detail is thoroughly examined and all necessary requirements are
met. In the meantime, Grayscale, a prominent cryptocurrency asset
management firm, is actively pursuing the possibility of being the
first to offer a conversion-based ETF, contingent on a court
decision. Related Reading: 300 Million Dogecoin (DOGE) Moved To
Robinhood As Price Swells Moreover, Bitcoin has recently achieved a
new yearly high, solidifying its position as the leading
cryptocurrency in the market. The cryptocurrency has been
consistently gaining ground, forming higher lows and demonstrating
an upward trend, as evidenced by the 1-day chart below. Presently,
BTC has surpassed the $38,800 mark, surpassing its previous
milestone by over $400. The next target in sight is the $40,000
level, which has not been reached since April 2022. Over the
past 24 hours, the bullish momentum has remained strong, with BTC
extending its gains by 2.9%, and over the past 7 days, it has seen
a 1.7% increase. As the date of the ETF approvals approaches,
it remains to be seen how Bitcoin’s price will respond.
Additionally, market participants are eagerly observing how the
cryptocurrency will perform during the final stretch of the year.
Featured image from Shutterstock, chart from TradingView.com
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