Spot Bitcoin ETF Approval Expected in Four to Six Months, Says Galaxy Digital CEO
Galaxy Digital CEO Mike Novogratz has revealed that insider “contacts” have informed him that the approval of the first spot Bitcoin ETF from BlackRock and Invesco is just a matter of time. Novogratz believes that the approval will happen within the next four to six months. This news has sparked renewed optimism in the market, with other financial giants also expressing interest in launching their own Bitcoin ETFs.
US SEC Likely to Delay Verdict on Cathie Wood’s Ark Invest Bitcoin ETF
The US SEC is set to announce its opinion on Cathie Wood’s Ark Invest spot Bitcoin ETF application on August 13. Market analysts predict that the SEC will further delay its decision on the ETF. However, Wood believes that if the SEC approves a Bitcoin ETF, it will likely approve multiple applications at once.
Bitcoin Price Surges Past $30,000 Amidst Stock Market Slump
Despite a slump in the US equity market, the price of Bitcoin skyrocketed past $30,000 during trading hours. On-chain data provider Santiment attributes the surge to increased profit-taking and a rise in the number of Bitcoin addresses. However, Bitcoin has struggled to hold above the $30,000 level and is currently trading at $29,748.
Bitcoin Needs Weekly Close Above $29,250 for Bullish Momentum
Bitcoin is facing selling pressure in the $29,900-$30,100 range and needs to give a weekly close above $29,250 to confirm a bullish momentum upwards. The cryptocurrency is currently trading at a 1.91% increase with a market cap of $578 billion.
Hot Take: Spot Bitcoin ETF Approval Could Be a Game Changer for Crypto
The potential approval of spot Bitcoin ETFs by major financial institutions like BlackRock and Invesco could be a game changer for the crypto market. It would open up new avenues for cryptocurrency investment and potentially attract a flood of institutional money. However, the SEC’s delay in approving these ETFs shows that regulatory hurdles still exist. Overall, the market remains optimistic about the future of Bitcoin ETFs and their potential impact on the crypto industry.
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