SEC's Pending Approval of New Bitcoin ETFs Sparks Market Speculation
Date: 2024-01-03 Author: Dima Zakharov Categories: BLOCKCHAIN
In 2023, the price of Bitcoin surged by over 160%, with a substantial portion of the price increase occurring after the first positive news regarding the potential approval of spot ETFs for cryptocurrencies in the United States. Earlier this summer, the world's largest investment firm, BlackRock, submitted its application to create an ETF, and historically, the U.S. Securities and Exchange Commission (SEC) has rarely denied such requests from BlackRock. Many analysts at Bloomberg believe that the SEC is likely to announce its verdict on the ETF applications in the coming week. How will Bitcoin's price and the entire cryptocurrency market react to this development? Let's explore three critical factors that could shape the fate of digital coins in these days.
The topic of the potential market reaction to the approval of new Bitcoin ETFs in the United States is actively discussed by blockchain industry representatives. Recently, Bloomberg analyst Eric Balchunas commented on this matter.
According to him, he has no idea how BTC will respond to this possible event. He responds in this manner to everyone who poses this question to him.
And this is the right stance. Launching spot ETFs on the world's largest financial market is a significant event that has not occurred before. Therefore, making predictions in this regard may prove challenging.
