Cryptocurrency analysts are increasingly convinced of the position. Bitcoin Exchange-traded funds (ETFs) are expected to be approved this week. a flurry of correspondence It is a transaction between the U.S. Securities and Exchange Commission (SEC) and the operator of the desired ETF. And cryptocurrency gamblers are pouring in more and more cash to bet on what actually happens.
Polymarket, a prediction market that allows cryptocurrency payments, has been launched. Over $6.7 million bet The question is whether a spot Bitcoin ETF will actually be approved by January 15th.
As of this writing, Polymarket users have collectively bet that there is an 85% chance that the SEC will approve a spot Bitcoin ETF by that date. It is currently the largest prediction pool on Polymarket. Who will be the 2024 Republican presidential candidate? in America. There are approximately $5.9 million worth of bets in that prediction pool.
Companies have been trying to get spot Bitcoin ETFs approved in the U.S. for over a decade, but have been consistently thwarted by the SEC, which views such vehicles as a way for customers to be defrauded and fall prey to market manipulation. ETFs allow investors to gain exposure to Bitcoin without actually owning and storing the cryptocurrency.
And the value of Bitcoin 168% surge Over the past year, the current price has been over $46,000. Bitcoin remains down from its late-2021 highs above $69,000, but has rebounded significantly following an extended bear market in 2022 that saw the price of the top cryptocurrency bottom near $15,000 following the FTX collapse.
Cryptocurrency traders thought the SEC had taken action on Tuesday, as the regulator’s official Twitter account said a spot Bitcoin ETF had been approved. However, SEC Chairman Gary Gensler was quick to tweet that the agency’s account I was “compromised” And no such approval has yet been given.
Bitcoin price surged after fake news on Tuesday. Then it fell. As of this writing, the price of Bitcoin is down about 2% on the day.
Despite the false alarms, analysts remain optimistic that approval will come this week. bloomberg ETF analyst Eric Balchunas Tweeted on Tuesday He said he expected an approval announcement Wednesday afternoon ahead of the start of trading on Thursday.
Edited by Ryan Ozawa.