According to recent reports, there’s a possibility that the U.S. Securities and Exchange Commission (SEC) might inform those who applied for spot Bitcoin ETF approval by this Friday.
Many people are saying that the U.S. Securities and Exchange Commission (SEC) might tell those who want approval for a spot Bitcoin ETF by Friday, January 5, 2024. Even though we’re not sure when they’ll officially approve it or allow ETF trading to start, most traders and investors think it’ll happen before January 10, 2024.
Early Approval Buzz for Bitcoin ETFs in January 2024
There is growing speculation, as per Mario Nawfal on X platform, that the U.S. Securities and Exchange Commission (SEC) might grant early approval for multiple Bitcoin Spot ETF applications by January 5, 2024. Sources, including reports from Fox Business and insights from Bloomberg Intelligence analysts, indicate a possibility of approval within this week. The prevailing sentiment among traders leans towards a Bitcoin ETF approval before the January 20, 2024, deadline.
An essential date in this context is January 10, the deadline for the US SEC to decide on the ARK 21Shares Bitcoin ETF application. The SEC officials have engaged in a series of meetings with various ETF filers, including prominent entities like Blackrock and Grayscale, each having at least four such discussions on spot ETF filings. Cathie Wood, CEO of Ark Invest, shared optimism following the encouraging deliberations with the Commission, expressing confidence in a potential approval in January 2024.
Timing Predictions and Market Impact of Potential Bitcoin ETF Approval
Bloomberg analyst James Seyffart recently discussed the potential approval of a Bitcoin ETF, suggesting that there might be a short gap, possibly days, between the approval date and the actual commencement of trading. Despite this, Seyffart maintained his earlier forecast, indicating approval could happen between January 8-10. He further commented, “I think the SEC could begin signaling to issuers to expect approvals, though I am still expecting official approvals Jan 8 – 10.”
Should Bitcoin ETF trading kick off in February or March 2024, market sentiments around Bitcoin’s price could experience a positive surge leading up to the Bitcoin Halving event scheduled for the second quarter of the year. This anticipation might set the stage for an extended bullish trend in the market.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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