Spot Bitcoin ETF Approval Imminent, Says Senior Analyst
According to senior ETF analyst Eric Balchunas, the crypto community is eagerly awaiting SEC approval of a spot bitcoin ETF. Balchunas took to Twitter to wish everyone a “Happy ETF Approval Day” and expressed confidence that the approval process is on track. He referred to the competitive nature of the spot bitcoin ETF race as the “Cointucky Derby.”
Gensler Faces Backlash Over Hacking Scandal
SEC Chair Gary Gensler had to address a fraudulent post claiming that spot bitcoin ETFs had been approved by the SEC. Gensler clarified that the SEC’s Twitter account was compromised and that no approval had been granted. Bitcoin’s price briefly surged before settling back down. Gensler faced criticism for the hacking incident, with senators demanding an explanation and accountability from the SEC.
An Analyst’s Advice for Handling the Scandal
Following the controversy, Balchunas offered advice to Gensler on how to handle the situation. He suggested that Gensler hold a press conference addressing the hack and admitting any mistakes made, while also announcing the ETF approvals. Balchunas also mentioned that several spot bitcoin ETF applicants had received approval from CBOE, indicating that the “Cointucky Derby” may soon begin.
Hot Take: Spot Bitcoin ETF Approval Expected Soon
As anticipation builds for SEC approval of a spot bitcoin ETF, it seems that all systems are go for this major development in the crypto industry. While there was a recent setback with a hacking incident involving fraudulent claims of approval, it is likely just a temporary obstacle. The involvement of senior analysts like Eric Balchunas highlights the significance of this event. With potential approvals expected soon and preparations being made behind the scenes, the spot bitcoin ETF race is heating up. Keep a close eye on the news as the derby begins and the crypto market reacts to this groundbreaking development.
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