Bitcoin Surges to $45,000 as ETF Prospects Submit Last Applications

Bitcoin Price Hits $45,000 as Bitcoin ETF Deadline Passes

Bitcoin’s price has surged to $45,000 as the deadline for spot Bitcoin ETF hopefuls to file amended S-1 forms has passed. According to CoinGecko, Bitcoin is trading up 1.7% on the day, reaching just over $45,100. This surge in price has allowed Bitcoin to recover from the losses it suffered during last week’s flash crash.

Waiting for SEC Decision on Bitcoin ETF

All eyes are now on the U.S. Securities and Exchange Commission (SEC) as it considers whether or not to approve several applications for a spot Bitcoin ETF. Exchanges planning to list the proposed ETFs filed their 19b-4 forms on Friday, giving crypto firms until 8am ET Monday to make any last-minute amendments to their S-1 applications.

The “ETF Terrordome”

A flurry of filings occurred as BlackRock, WisdomTree, and VanEck revealed their ETF fees, while Ark Invest and Grayscale lowered their own fees. Bloomberg Intelligence analyst Eric Balchunas referred to this activity as an “ETF Terrordome.” Balchunas believes there is a 95% chance of a spot Bitcoin ETF being approved in January, with the SEC having until January 10 to approve multiple applications simultaneously.

Predictions and Doubts

Balchunas suggested that if a Bitcoin ETF is approved, the asset class could be worth as much as “$10 billion in year one.” However, not everyone shares this optimism. Crypto betting platform Polymarket places the chances of approval before January 15 at 85%. Additionally, only 39% of financial advisers polled by Bitwise last week were confident that a U.S. spot Bitcoin ETF would launch in 2024.

Hot Take: Bitcoin Price Surges as Bitcoin ETF Deadline Passes

Bitcoin’s price has reached $45,000 following the passing of the deadline for spot Bitcoin ETF hopefuls to file amended S-1 forms. This surge in price has allowed Bitcoin to recover from last week’s flash crash. Now, all attention turns to the SEC’s decision on approving several applications for a spot Bitcoin ETF. While some analysts predict a high chance of approval, others remain skeptical. The outcome of this decision will have significant implications for the crypto market and could potentially lead to a multi-billion dollar asset class if approved.