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Home»EXCHANGE NEWS»A top analyst says a potential spot Bitcoin ETF approval could happen between January 5 and 10, 2024.
EXCHANGE NEWS

A top analyst says a potential spot Bitcoin ETF approval could happen between January 5 and 10, 2024.

By Crypto FlexsDecember 1, 20233 Mins Read
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A top analyst says a potential spot Bitcoin ETF approval could happen between January 5 and 10, 2024.
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With the regulatory crackdown on cryptocurrencies intensifying and the US SEC changing its stance towards the industry, Bloomberg analysts claim that all 12 applications will be approved by early January.

Bitcoin’s (BTC) bullish narrative that began in October is expected to continue in the coming weeks after the major cryptocurrency asset hit higher valuations in December. In the early New York trading session on Friday, the price of Bitcoin reached a new yearly high of around $38,800, reviving the $40,000 narrative before the end of the year. Moreover, Bitcoin price consolidated into an ascending triangle on the daily time frame, indicating bullish sustainability.

US Spot Bitcoin ​​ETF Policy

Amid growing demand for cryptocurrency investment products from institutional investors, more than a dozen fund managers have sought to offer Bitcoin spot exchange-traded funds (ETFs) in the United States, sparking speculation over approval data. According to Bloomberg analyst James Seyffart, the approval window for all 12 spot BTC EFTs in the U.S. will likely open between January 5 and 10. Seyffart made the bold prediction during an online discussion with financial lawyer Scott Johnson and commodity experts. Thomas George.

Okay, window for potential positions. #Bitcoin ETF approval is expected to occur between January 5 and January 10, 2024. @thomasg_grizzle & @ScottW_Grizzle I got this call this morning. https://t.co/sOU950QlXj pic.twitter.com/y9JYdEpjNH

— James Seyff (@JSeyff) November 30, 2023

Notably, the January 10 deadline for approval of the spot Bitcoin ETF is based on the fact that the US SEC is expected to make a final decision on the Ark 21Shares Bitcoin ETF. Additionally, the US SEC lost a court case against Grayscale Investments earlier this year. Since then, the SEC team has met with several spot Bitcoin ETF applicants, resulting in notable changes and resubmissions.

Earlier this week, Cathie Wood liquidated her GBTC stake, which was seen as preparation for the impending approval of a spot ETF. Additionally, BlackRock Inc (NYSE: BLK) has stepped up its Bitcoin acquisition through mining companies, and MicroStrategy Inc (NASDAQ: MSTR) recently purchased over 16,000 additional BTC.

As a result, most experts believe that the acceptance rate for spot Bitcoin ETFs in the U.S. has increased significantly, especially with increased regulatory crackdowns on legacy cryptocurrency exchanges such as Binance, Kraken, and Bybit.

Price movements and market outlook

Bitcoin and the digital asset industry are expected to grow exponentially in the coming years due to the poor monetary policies adopted by most global central banks to print money recklessly. According to the latest market data, Bitcoin price is currently retesting the resistance/support level around $38,400 after a strong breakout this morning. However, cryptocurrency traders should be wary of a possible pre-halving correction due to talk of ‘selling the news’ after the spot Bitcoin ETF was approved in the US. Moreover, spot ETF issuance in the US has been greatly exaggerated over the past few months.

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