The crypto market is signaling a pump-up sign to investors and enthusiasts alike, with the anticipated news on approval of Bitcoin spot ETF. Analysts believe that the crypto market is going to surge in January after the approval happens, that is if it is going to happen. At this point, we are assured that the spot Bitcoin ETF will be approved by Jan 10th. Additionally, we have witnessed the SEC calling for a rare joint meeting with the ETF applicants in the U.S. to discuss the approval of Bitcoin ETFs.
On YouTube, among well-known analysts, CryptoRUs predicted that the market expects a significant surge after ETF approval. He believes that, if the Bitcoin ETF is approved it will cause a large cash-inflow in the market. ETF approval in the U.S. will unleash investors and institutional investment into Bitcoin which will increase the price of Bitcoin and the crypto market at large.
“This is a done deal, Spot Bitcoin ETF is coming by Jan 10th,” he said assuring his viewers a 90% approval.
Additionally, Hong Kong security and monetary regulations announced that they are set to review and accept ETF applicants. This comes after 5 years of the Security and Futures Commission (SFC) implementing professional investors only. This year alone, Hong Kong has changed its view towards cryptocurrencies. For instance, in April, the Hong Kong Monetary Authority announced it would permit virtual asset providers to operate in the city.
Currently, it has allowed retail investors to engage in crypto ETFs under conditions.
Surge in Cryptocurrency Market
Currently, the market is witnessing a bullish momentum, the crypto coins have been performing impressive in the past 50 days. Some of the top performing coins are Solana and Avalanche: The coins have witnessed a huge uptrend in the market since Jan 1st 2023. SOL for example has made an impressive growth of 732% being the second-best smart contract token after Ethereum. On the other hand, AVAX has also witnessed a 360% since Jan 1st 2023 and a 104% increase in the last 2 months. Currently, SOL is trading at $95, still below its all-time high of $259, while AVAX is trading at $45 below its all-time high of $144.
Bitcoin on the other hand is showing some Bullish trend. Currently, the Bitcoin price has reached the $44,000 mark after the rare joint meeting between BlackRock, Nasdaq and the Security Exchange and Commission that was held yesterday. Analysts suggest that Bitcoin could reach the $50k mark as of Jan after the coin encountered resistance at the $43,300 and $43,500 mark, they believe that if the bullish momentum continues for a little while, the market will be closing at the $50,000 mark.
Final Thoughts
The ETF approval is really in the SEC’s hands, but the crypto community is positive that the SEC will take the right path to approval. ETF approval will ensure that U.S.-based retail investors have access to Bitcoin through spot Bitcoin ETFs. This will create a huge surge in the crypto market and also mark the acceptance of cryptocurrency in the financial industry.