Spot Bitcoin ETF Approval to Trigger Upside for SHIB and PAW
The founder of PawZone Non-fungible token (NFT) marketplace believes that the approval of a spot Bitcoin ETF by the SEC will have a positive impact on Shiba Inu (SHIB) and PawZone (PAW). Once the SEC approves the current filings for a spot Bitcoin ETF, it is possible that other cryptocurrencies will launch their own Exchange-Traded Funds (ETFs). The founder of PawZone sees this as a major catalyst for the crypto market and expects both SHIB and PAW to benefit from it. The introduction of Bitcoin ETFs is expected to bring in a significant amount of funds into the Bitcoin ecosystem and the overall crypto market.
Bitcoin ETF Hype and Potential Price Impact
The talks about an imminent approval of a spot Bitcoin ETF by the SEC have been contributing to the price rally of Bitcoin. Currently trading at $43,639.22, BTC has seen a significant increase in value compared to a year ago. Matrixport Research predicts that BTC’s price could surpass $50,000 in January 2024 with a 95% chance of Bitcoin ETF approval. However, the odds of approval for BlackRock, Fidelity Investments, WisdomTree, ARK 21Shares, Bitwise, Grayscale Investments, and others have decreased from 95% to 98.7%, according to Mike Alfred. The SEC has requested all applicants to submit their final amendment by December 29 for spot Bitcoin ETF approval.
Hot Take: Spot Bitcoin ETF Approval Expected to Boost SHIB and PAW
The potential approval of a spot Bitcoin ETF by the SEC is generating excitement in the crypto market. This development is expected to bring in significant investments and drive up the total crypto market capitalization. The founder of PawZone believes that this catalyst will have a positive impact on Shiba Inu (SHIB) and PawZone (PAW), leading to an upside for both cryptocurrencies. As the crypto community eagerly awaits the SEC’s decision, the market continues to speculate on the potential price impact of a Bitcoin ETF approval. Overall, the introduction of Bitcoin ETFs is seen as a major milestone for the crypto industry.
By
By
By
By