IlluMyFi

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena. In a potential game-changer, the SEC signals approval for spot Bitcoin ETFs, with the announcement expected on Jan. 3 or 4. This optimistic news triggers a robust 5% surge in Bitcoin's value, crossing the $46,000 milestone and marking a significant 9% gain for the week and year. The U.S. SEC hints at a forthcoming announcement regarding spot Bitcoin ETFs, a development eagerly awaited by industry insiders. However, industry leaders, including BlackRock have told Fox Business media about the potential approval of spot Bitcoin ETFs. BlackRock suggests that the SEC's decision to greenlight those applications and pave the way for a spot Bitcoin ETF listing could be out as early as January 3 or 4. If the green light is given, at least a dozen asset managers are poised to introduce spot Bitcoin ETFs on major exchanges like Nasdaq, Cboe BZX, and NYSE Arca. The launch date is tentatively set for January 10, offering a timeline for market participants to gear up for this significant development. As the crypto community awaits regulatory clarity, Bitcoin is making waves with a robust surge. The cryptocurrency has jumped over 5%, breaching the $46,000 milestone. This surge marks a noteworthy 9% gain for Bitcoin within both the week and year-to-date periods. Breaking free from its recent trading range, Bitcoin's upward momentum suggests a potential move towards the $47,600 range. This breakout signals a bullish sentiment prevailing in the market, adding another layer of excitement for traders and investors. As the crypto market eagerly awaits the SEC's official announcement and Bitcoin continues its upward trajectory, these developments underscore a transformative phase for the cryptocurrency space

Sentiment

Bearish/Bullish

02.01.24 09:43

by coinpedia.org

Will SEC Approve Bitcoin ETF in the Next 7 Days? Exploring the Probability

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space. Bitcoin has commenced 2024 on a bullish note, surpassing the $45,000 mark for the first time since April 2022, marking a 6% increase in value. This rise is attributed to growing anticipation around the potential approval of spot Bitcoin Exchange-Traded Funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). Presently valued at $45,364.58, Bitcoin's surge is fueled by optimism regarding its mainstream acceptance. However, many analysts warn of a potential price correction post ETF approval, highlighting the need to monitor Bitcoin's response to regulatory changes in the coming days. The latest update on the much-anticipated spot Bitcoin ETF revolves around the ongoing review of the S-1 forms submitted by various entities aiming for the ETF before the December 29, 2023 deadline. Eleanor Terrett from Fox Business highlighted that the US Securities and Exchange Commission (SEC) is still examining the changes made to these forms, setting the stage for a potential approval. This review process is crucial, signaling a step closer toward potential approval of the first-ever spot Bitcoin ETF in the United States. Notable contenders in this race include major entities like BlackRock, Invesco, Valkyrie, and others, all vying for the approval of a Bitcoin ETF. The SEC's protocol in past approvals hints at a potential timeline for this decision. Terrett's insights indicate that based on previous approval timelines, the most likely window for the SEC to greenlight the Bitcoin ETF is January 9 or 10, 2024. However, given the regulatory process's intricacies and the holiday break, the SEC staff being off from December 29, 2023, the final approval might slightly extend into the early days of that week. Despite the initial optimism, it seems less probable for the Bitcoin ETF to secure approval before January 6, 2024. However, this delay hasn't hindered Bitcoin's momentum, as it initiated the year with an impressive nearly 5% price surge within 24 hours. This recent uptick in Bitcoin's value adds to the mounting anticipation surrounding the potential ETF approval, fueling optimism among investors and enthusiasts eager for Bitcoin's breakthrough into the ETF market. Analysts anticipate a Bitcoin ETF approval could attract substantial investments, allowing investors to access Bitcoin without direct ownership. However, doubts persist about a significant immediate price surge due to recent struggles in the crypto space, including regulatory challenges and corporate failures, which dampened enthusiasm. Despite hopes for a recovery in 2023, Bitcoin's rebound didn't attract extensive investment or trade as seen in previous highs, partly due to high-interest rates restricting investment. VanEck's Director of Digital Assets Gabor Gurbacs, foresee...