In a remarkable rebound, Bitcoin’s price is on the rise, reclaiming levels above $44,000, signaling a recovery from the losses incurred during the market downturn on Wednesday. As investors cast aside concerns surrounding potential rejections of spot Bitcoin ETF applications by the U.S. Securities and Exchange Commission (SEC), recent developments have injected a renewed sense of optimism into the cryptocurrency market.
Amidst the ongoing speculation, a significant update emerged from a senior reporter at TechCrunch, suggesting that spot Bitcoin ETFs are on the cusp of approval by the SEC for multiple firms’ applications, with groundbreaking news anticipated on January 5.
ETF specialist Eric Balchunas provided insights into the approval process, indicating that the SEC is in the final stages of providing comments. Once this phase is complete, issuers are expected to submit their final 19b-4s and S-1s. Balchunas emphasized the proximity to an official approval for a spot Bitcoin ETF, though no official confirmation has been received.
Adding to the optimism, James Seyffart, an ETF specialist at Bloomberg, expressed expectations that the SEC could begin signaling to issuers to anticipate official approvals between January 8 and 10. He highlighted that the time gap between approval orders and the commencement of actual trading would be measured in days, not weeks.
The anticipation surrounding the approval of spot Bitcoin ETFs has been a focal point for cryptocurrency enthusiasts and investors alike. As Bitcoin’s price rebounds and regulatory developments unfold, the coming days could usher in a new era for the cryptocurrency market, marked by increased institutional participation and broader acceptance.
Investors will be closely monitoring updates from the SEC and the evolving landscape of spot Bitcoin ETF approvals, with potential implications for the overall market sentiment and the future trajectory of Bitcoin’s price.