US SEC May Approve Bitcoin ETF, Sparking Market Speculation
Speculation in the digital asset market suggests that the US Securities and Exchange Commission (SEC) may approve a spot Bitcoin exchange-traded fund (ETF). As a result, Bitcoin experienced a surge of over 6% on the second day of 2024, surpassing $45,000 for the first time since April 2022.
This speculation has created excitement around the potential institutional and widespread acceptance of Bitcoin, leading to increased buying activity among traders and investors.
The predictions about the approval of multiple spot Bitcoin ETFs by the SEC have been driving this upward trend in recent weeks.
Uncertainty Surrounds SEC Decision on Bitcoin ETF Approvals
A recent Reuters article suggests that the SEC may start notifying ETF sponsors about their application approvals as early as January 2. However, Eleanor Terrett from FOX Business commented on the unpredictable nature of the SEC’s decision-making process.
Terrett mentioned that the SEC still needs to review changes made to S-1 forms filed last week before making any decisions. She believes it is unlikely for approvals to happen immediately and expects further notifications within the next 24 to 48 hours.
Cryptocurrency analyst Scott Melker speculated about an approval on January 2, which led to Terrett’s response about the ongoing review process. Terrett also mentioned that SEC staff members have been on leave since Friday, making it unlikely for confirmations to occur this week.
Staff Leave Raises Doubts About Bitcoin ETF Approval Timing
Despite the uncertainty, Terrett maintains a positive outlook and highlights that the coming weeks will be exciting for crypto regardless of the outcome. Journalist Charles Gasparino from FOX Business revealed through X that there has been radio silence from the SEC, and sources suggest that the announcement may be delayed until the end of the week due to the amount of paperwork that still needs to be reviewed.
Hot Take: Potential Approval of Bitcoin ETF Fuels Market Speculation
The possibility of a spot Bitcoin ETF gaining approval from the SEC has created significant speculation in the digital asset market. The surge in Bitcoin’s price and increased buying activity among traders and investors indicate a growing optimism about institutional acceptance.
However, uncertainty still surrounds the SEC’s decision-making process, with ongoing reviews and staff leave raising doubts about the timing of approvals. Despite this, market participants remain excited about the potential developments in the coming weeks, which are expected to have a significant impact on the crypto industry.
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