Speculation Surrounds Bitcoin ETF Decision
The cryptocurrency community is buzzing with speculation about the upcoming decision on the Bitcoin exchange-traded fund (ETF). ARK 21Shares is awaiting a decision on Wednesday, sparking discussions about the potential impact of both approval and denial on Bitcoin’s price.
Debate Erupts Over Bitcoin ETF Approval
Crypto commentators on social media are engaged in a debate over how the SEC’s decision will affect the price of Bitcoin. The SEC is expected to provide a decision to ARK 21Shares regarding its spot Bitcoin ETF application on January 10. Alex Becker, a popular analyst, explains that approval of a Bitcoin ETF will not necessarily lead to a “Sell the news” event. Instead, it opens up the asset to more wealthy individuals who may not have otherwise invested in cryptocurrency.
Predicting Price Movements
Meanwhile, Dan Webb, engineering lead at Swan Bitcoin, points out that even if the ETF is approved and the price declines, the downside will not be as extreme as the potential upside. He questions the risk-reward of shorting Bitcoin before the decision. Mati Greenspan, Founder and CEO of Quantum Economics, believes that SEC Chair Gary Gensler is unlikely to approve any crypto-related ETF due to his ties with big bankers.
Hot Take: Impact of ETF Decision on Bitcoin’s Future
The upcoming decision on the Bitcoin ETF has sparked intense speculation within the crypto community. While predictions vary, there is anticipation of a price increase if approval is granted. However, some analysts question the rationale behind shorting Bitcoin before the decision. Regardless of the outcome, this decision has significant implications for both individual and institutional investors in terms of accessibility and market sentiment towards cryptocurrency.
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