The SEC is set to inform Bitcoin Spot ETF applicants about approval or denial before the January 10 deadline. A Reuters report over the weekend suggested that the regulatory agency could notify ETF applicants as soon as Tuesday. All asset managers who had submitted their applications before the 29th December (deadline initiated by the SEC) may be able to launch Spot-Bitcoin ETF by the 10th of January.
The approval of Bitcoin-Spot ETF is anticipated to boost the Bitcoin price and increase market participation, marking a significant milestone for the cryptocurrency market. Additionally, this approval will grant traditional investors the opportunity to gain exposure to Bitcoin without direct ownership, positively impacting the crypto investment landscape.
Also read: VanEck Director Says The Impact Of Spot Bitcoin ETF May Have Been Overestimated
The approval of the Bitcoin spot ETF holds a promising future for cryptocurrency; additionally, if the spot Bitcoin ETF is approved, it is anticipated that multiple ETF listings could be approved on the same day. Moreover, this could lead to a surge in demand for Bitcoin from both investors and retailers. The SEC has rejected several spot Bitcoin ETF applications; however, this approval is set to make the access to cryptocurrency more accessible to investors.
Also read: Are Grayscale and ARK Invest Better Positioned For A Spot Bitcoin ETF?
Bitcoin Hits $45k Zone, Analysts Suggest Further Rally
The year started with some really good news on the cryptocurrency market. Bitcoin soared by 6% in 24 hours, while its price rallied to over $45,000. The break above the $45k mark was last recorded 20 months ago. The price increase was witnessed moments after the US security regulators announced approval of the Bitcoin ETF would be approved by Jan 10.
The price of bitcoin on January 1st was at the $42,000 mark; in the last 24 hours, the price of bitcoin has increased by 7%, reaching the $45k level. The bullish trend is being pushed by the Spot Bitcoin ETF approval hype. The assets are currently trading above the $45,000 mark on the 100-hourly simple moving average. With speculations on the ETF approval either on Tuesday or Wednesday, the market is set to enter a bullish zone.
Also read: BlackRock Names Jane Street, JP Morgan As Broker Of Choice For ETF
Comparing the previous year and this year, Bitcoin has soared by 100%. In 2023, at the start of the year, Bitcoin was trading at $17k. Currently, Bitcoin is trading at $45,735 with a current market cap of $887.87 billion. 24-hour trading volume is $29.38B. Bitcoin has increased to 7.78% in the last 24 hours, with a circulating supply of $19.59 million.