Galaxy Digital CEO Anticipates Approval of Bitcoin ETFs by SEC
The CEO of Galaxy Digital, Mike Novogratz, started the new year with a tweet suggesting that big things are coming. He was referring to the potential approval of Bitcoin spot ETFs by the US Securities and Exchange Commission (SEC) on January 10, 2024.
Excitement for SEC Verdict
Novogratz expressed his excitement for what could soon happen regarding Bitcoin ETFs. He believes that the SEC will give its verdict, either approving or disapproving the applications, at the beginning of this year.
Predictions for ETF Approval
The CEO predicts that the first applications for Bitcoin spot ETFs will be approved. Many issuers, including BlackRock, Grayscale, Ark Invest, and 21Shares, have participated in the SEC’s decision-making process.
Expiration Date for Approval
While Novogratz claims that January 10th is the deadline for approval, Bloomberg’s James Seyffart suggests that it could happen between January 5th and 10th. Galaxy Digital has even predicted price fluctuations in BTC if the SEC approves the first Bitcoin spot ETF.
Increase in BTC Price
Giving weight to Novogratz’s optimism, the price of BTC has risen by 7% in the last two days of 2024. It has reached $45,200, surpassing the highest price of 2023. The general crypto sentiment towards Bitcoin has also improved, with a Greed score of 71 on the Fear and Greed Index.
The Year of Bitcoin
2024 is not only significant for spot Bitcoin ETFs but also for the BTC halving. Individuals like Michael Saylor, CEO of MicroStrategy, believe that this year will be the year of Bitcoin’s dominance in the crypto industry.
Hot Take: Bitcoin ETF Approval Expected to Drive BTC Price Surge
The anticipation of Bitcoin spot ETF approval by the SEC has sparked excitement in the crypto community. Galaxy Digital CEO, Mike Novogratz, predicts that the approval will happen early in 2024. If his predictions come true, it could lead to a surge in BTC price and market growth. With Bitcoin already hitting a new high in 2024 and the Fear and Greed Index showing increased sentiment towards Bitcoin, it seems that big things are indeed on the horizon for the cryptocurrency.
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