Crypto Community Speculates on Approval of Bitcoin ETFs
The crypto community is buzzing with speculation over the potential approval of multiple spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) as early as Friday. This speculation has been fueled by tweets and hints from industry figures, including TechCrunch reporter Jacquelyn Melinek and Grayscale’s chief legal officer.
Tweets Point Towards Impending Approval
Melinek shared insights from sources “extremely close to the matter,” suggesting that the SEC will approve multiple firms’ applications for a spot Bitcoin ETF. Similarly, Grayscale’s chief legal officer’s cryptic message about filling out forms has been interpreted as a hint towards their ETF application approval.
Market Reacts with Excitement
The potential approval has caused a trending hashtag, #BTCETF, on Twitter, where supporters and skeptics are sharing their opinions. Bitcoin’s price has also reflected this excitement, with a 3.4% increase in the last 24 hours.
Analysts Remain Skeptical
Despite the speculation, some analysts remain skeptical about an imminent approval. Bloomberg ETF analyst James Seyffart predicts that any potential approvals are more likely to occur between Jan. 8 and Jan. 10. Attorney Joe Carlasare points out that the public comment period for several ETF applications closes on Jan. 5.
Market Positively Reacts to Possibility of Approval
The market is reacting positively to the prospect of a spot Bitcoin ETF approval. After a brief dip influenced by a report suggesting potential rejection, Bitcoin has rallied back to $44,500, indicating that investors are optimistic about a positive outcome.
Hot Take: Market Anticipates Approval of Bitcoin ETFs
The crypto market is abuzz with speculation about the imminent approval of multiple spot Bitcoin ETFs by the SEC. Tweets from industry figures and positive market reactions indicate growing excitement. However, analysts remain skeptical, suggesting that approvals may not happen until next week. Despite this, investors are placing their bets on a positive outcome, as indicated by the market’s positive reaction and Bitcoin’s price rebound. The anticipation of Bitcoin ETF approval continues to drive speculation and interest in the crypto community.
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