Expected Early Approval for Bitcoin ETF
There is growing speculation that the U.S. Securities and Exchange Commission (SEC) may notify spot Bitcoin ETF applicants of their approval as early as Friday, January 5, 2024. Although the exact timeline for approval and the launch date for ETF trading remains uncertain, traders and investors generally believe that a spot ETF approval will happen before January 10, 2024.
Potential Approval by January 20, 2024
Multiple sources indicate the possibility of an early approval for multiple Bitcoin Spot ETF applications in early January. Reports from Fox Business and insights from Bloomberg Intelligence analysts also suggest that there is a chance for ETF approval within this week. However, the prevailing sentiment is in favor of a certain Bitcoin ETF approval before the January 20, 2024 deadline.
Meetings with SEC Officials
The US SEC has scheduled a decision on the ARK 21Shares Bitcoin ETF application by January 10. As part of this process, SEC officials have held meetings with various ETF filers, including Blackrock and Grayscale. Cathie Wood, CEO of Ark Invest, expressed confidence in an approval in January 2024 following positive discussions with the Commission.
Trading Could Begin Soon After Approval
Bloomberg analyst James Seyffart predicts that there could be a short gap between ETF approval and the start of trading, possibly just a matter of days. He maintains his previous forecast of approval between January 8-10. If Bitcoin ETF trading begins in February or March 2024, it could contribute to a positive market sentiment and potentially fuel an extended bullish wave leading up to the Bitcoin Halving event later in the year.
Hot Take: Anticipation Builds for Early Bitcoin ETF Approval
With the possibility of an early approval for Bitcoin Spot ETF applications, anticipation is building among traders and investors. While the exact timing remains uncertain, there is growing optimism that the SEC will approve a Bitcoin ETF before January 10, 2024. This development could have significant implications for the cryptocurrency market, potentially leading to increased trading volume and a boost in Bitcoin’s price. As the industry eagerly awaits the SEC’s decision, all eyes are on the potential impact of a Bitcoin ETF approval on the future of digital assets.
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