Bitcoin ETF Approval Remains Promising Despite Recent Market Dip Insight
Analysts have become optimistic despite a major Bitcoin drop from rumors of a potential SEC rejection of spot Bitcoin ETF.
In the last 24 hours, the cryptocurrency market has lost $100 billion due to the collapse of Bitcoin during late trading on January 3. Bitcoin experiences an 8% decline, reaching a low of approximately $42,000. Thus it rebounds to reach $43,000 once more on January 4, today.
Rumors from various sources state the U.S. Securities and Exchange Commission is likely to review the awaiting Bitcoin spot ETFs to enable investors to gain exposure to the current price. Industry analysts and specialists remain optimistic that there will be an approval next week, even though this is still uncertain.
Issuance of Bitcoin ETF Remains Pending
There is a rumor about a Bitcoin dump from Matrixport on January 4. Cryptocurrency YouTuber Lark Davis, proceeds to state how this “gives an output of what would happen if the SEC did deny the ETF.” However, the odds remain heavily in favor of approval from the majority.
To avoid competitive advantage, there is an anticipation for SEC to accept a set of up to 12 applications in the queue before the final deadline of January 10. Concerning Tether and VanEck strategist Gabor Gurbac’s comments, the current market looks into a repayment due to an unknown prediction from Bitcoin EFTs
The senior ETF analyst at Bloomberg, Eric Balchunas points out all the indicators, including ongoing talks and file modifications, targeted to SEC approvals.
Fox Business has now discovered from sources that recent SEC activities may begin notifying issuers of approval on Friday. Thus trading could begin as early as the following week.
According to Bitcoin lawyer Jake Chervinsky, he expresses optimism, saying after 10 years, “We’re finally on the verge of having spot Bitcoin ETFs approval in the USA.”
Grayscale Collaborative ETFs Talks with Major Banks
In recent news, JPMorgan and Goldman Sachs are in discussions with cryptocurrency asset manager Grayscale about Grayscale’s prospective lead role in their proposed Bitcoin ETF.
Each of them is tagged as an “authorized entity,” which means they both possess the authority to create and redeem fund shares according to Bloomberg’s anonymous sources.
