Bitcoin (BTC) Price Rises Amid Speculation of SEC Approving Multiple BTC ETF Applications
The price of Bitcoin (BTC) surged to the $44,800s, with investors hopeful for a retest of the $45,000 level. This surge came following reports that the US Securities and Exchange Commission (SEC) is likely to approve multiple spot Bitcoin Exchange Traded Fund (ETF) applications. The news, expected to be announced soon, was broken by TechCrunch’s senior crypto reporter Jacquelyn Melinek.
Anticipation for Spot Bitcoin ETF Approval
The approval of spot Bitcoin ETFs in the US has been highly anticipated since last June when BlackRock, the world’s largest asset manager, filed to establish its own spot Bitcoin ETF. Analysts believe that the approval of spot Bitcoin ETFs will generate a new wave of demand for BTC as it provides validation from US regulators and attracts traditional investors who have been waiting for a regulated product.
Tweets Indicate Progress
Bloomberg analyst Eric Balchunas tweeted that the SEC was giving final comments on the matter, signaling that approval was imminent. Bitcoin’s recovery from Wednesday’s dip back from yearly highs suggests that investor sentiment has improved despite a report by crypto analytics firm Matrixport claiming that spot Bitcoin ETF applications would be rejected or delayed by the SEC.
Hot Take: BTC Price Surges as SEC Approval Rumors Circulate
The price of Bitcoin (BTC) experienced a significant increase as rumors spread about the US Securities and Exchange Commission (SEC) approving multiple spot Bitcoin Exchange Traded Fund (ETF) applications. Investors are hopeful that this approval will attract traditional investors who have been waiting for a regulated product before entering the Bitcoin market. The anticipation for spot Bitcoin ETFs has been building since last June when BlackRock filed to establish its own spot Bitcoin ETF. Analysts believe that the approval of these ETFs will bring new demand for BTC and validate Bitcoin as an asset class. Despite initial concerns, recent reports indicate that the SEC is close to finalizing its decision on the matter.
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