-AD-
-AD-
HomeNewsA New Era Beckons: Spot Bitcoin ETF Set for Approval in Early...

A New Era Beckons: Spot Bitcoin ETF Set for Approval in Early January

- Advertisement -
  • The SEC’s positive interactions, including editing and commenting on spot Bitcoin ETF applications, alongside its decision not to appeal the Grayscale verdict, strongly indicate an approval is imminent by January 10, 2024.
  • With a wealth of spot Bitcoin ETF applications under consideration, including from industry heavyweights like BlackRock and Fidelity, the SEC’s impending decision could herald a transformative moment for the crypto space.

The Pathway to Approval: Unraveling the SEC’s Stance

In the realm of cryptocurrency, the anticipation surrounding the approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) has reached a fever pitch. Reports, albeit unfounded, of an approval have circulated, adding to the fervor. Bernstein Research, a subsidiary of the esteemed AllianceBernstein global asset management firm, has confidently asserted that the U.S. Securities and Exchange Commission (SEC) will yield to the pressure and approve its first spot Bitcoin ETF by January 10, 2024.

In a comprehensive memo disseminated to TheStreetCrypto on October 30, Bernstein Research illuminated the market’s eagerness to discern the SEC’s next move, particularly in relation to the Grayscale verdict. The SEC’s choice to forgo an appeal and its proactive engagement with the ETF applications, marked by edits and comments, have been interpreted as strong indicators of an imminent approval.

Spot Bitcoin ETF: A Landscape in Flux

Neel Maitra, a partner at Wilson Sonsini and former affiliate of SEC Chairman Gary Gensler’s crypto division, echoed this sentiment, predicting that a spot Bitcoin ETF could materialize within months. He underscored the robust correlation between Bitcoin futures and the spot market, further bolstering the case for approval.

The crypto sphere has witnessed a surge in spot Bitcoin ETF applications, featuring prominent players like BlackRock, ARK Investment Management, Fidelity, Bitwise, VanEck, Wisdomtree, and Invesco. Gensler himself confirmed the SEC’s contemplation of eight to ten potential Bitcoin exchange-traded products.

At the time of reporting, Bitcoin was trading at $34,200, reflecting a 1.24% decrease on the day but sustaining a 25.79% gain over the past month. The market’s optimistic reaction to the unfounded Bitcoin ETF news serves as a precursor to the potential price escalations that could ensue upon actual approval.

In this pivotal juncture, the SEC’s forthcoming decision on the spot Bitcoin ETF applications stands as a testament to the evolving regulatory landscape of cryptocurrency, with implications that could reverberate across the industry.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628
RELATED ARTICLES

LATEST ARTICLES