Anticipation Builds as Spot Bitcoin ETF Approval Nears

Insider sources alluded to the impending approval of spot Bitcoin ETFs in a recent story published by Fox Business on January 3. An initial announcement is scheduled for January 5. If all goes according to plan, trading may begin as early as next week, creating a buzz of excitement and conjecture among the cryptocurrency world.

Analysts and ETF issuers are optimistic about a positive SEC ruling by January 10, despite a January 2 Matrix analysis that said the SEC will probably reject ETF applications at the earliest in Q2 2024. It is encouraging to see the SEC taking a proactive stance in its continuous interactions with important stakeholders, since this suggests that the regulatory body is well-positioned for success.

Representatives from significant exchanges, such as the New York Stock Exchange, Nasdaq, and the Chicago Board Options Exchange, where the ETFs are scheduled for trade, recently met with SEC lawyers from the Division of trade and Markets, according to Fox Business. The SEC may be getting closer to accepting a number of applications from well-known money managers and cryptocurrency companies, since these talks are considered as encouraging signs.

Bitcoin Price Fluctuations

Market turbulence has been brought on by the uncertainties surrounding spot Bitcoin ETF authorizations. Soon after surpassing $45,000, the highest point since April 2022, Bitcoin’s price fell 4.5% to $43,240 in reaction to the Matrix report. A 7% collapse in the market capitalization of the larger cryptocurrency market was also noted, with worries over the unclear future of spot Bitcoin ETF applications driving the decline.

The cryptocurrency market is still tense as the industry waits for official news from the SEC. Investors are keeping a tight eye on any events that may affect the course of Bitcoin and the larger landscape of digital assets.