Bitcoin Spot ETF Approval Imminent, Says Bloomberg Analyst
Bloomberg analyst Eric Balchunas has revised his prediction regarding the approval of a Bitcoin spot ETF by the SEC, reducing the likelihood of denial to just 5%. This comes ahead of the SEC’s decision on various Bitcoin spot ETF proposals on January 10. Balchunas had previously estimated a 90% chance of approval for ARK Invest and 21 shares’ joint bid, but now believes there is a 95% chance of approval. He cited the unlikelihood of scenarios such as withdrawal of the proposal, legal battles, or intervention from the US Presidency as reasons for his increased confidence.
Factors Pointing to Approval
The importance of ARK/21 Shares’ bid lies in its earlier deadline for an SEC response. It is expected that the SEC will approve multiple Bitcoin spot ETF applications simultaneously, similar to how it approved Ether-futures ETFs in August. Discussions between the SEC and applicants in recent weeks, leading to proposal amendments, further suggest an incoming approval. The anticipated date for the decision remains January 10, with many crypto enthusiasts hopeful for a positive impact on Bitcoin’s price. Currently, Bitcoin is trading at $44,050, showing a 4.50% increase in the past week.
Hot Take: Impending Approval Sparks Excitement in Crypto Community
The crypto community is buzzing with anticipation as the SEC’s decision on Bitcoin spot ETF proposals approaches. With Bloomberg analyst Eric Balchunas now placing the probability of approval at 95%, optimism is high among investors and enthusiasts alike. The potential bullish effects on Bitcoin’s price make this decision a significant event for the cryptocurrency market. As discussions between the SEC and applicants continue and amendments are made to proposals, signs point towards a favorable outcome. All eyes are on January 10, the expected date for the decision, which could mark a milestone in the mainstream adoption of Bitcoin.
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