- Industry experts have expressed skepticism regarding the likelihood of a Bitcoin ETF approval this week.
- Anticipation for approval is intensifying among investors.
- Market projections indicate the potential for the SEC’s decision before the deadline.
The widespread anticipation of spot Bitcoin ETF approval has spurred speculations regarding the likely timeline for the Securities and Exchange Commission’s (SEC) verdict, with optimistic projections suggesting the potential for approval before the January 10 deadline.
The commission’s stringent approach to the industry, not to mention its track record of deadline extensions, has left some doubt. As rumors continue to swirl, industry analysts assess these predictions’ odds.
Potential Delay in Bitcoin ETF Approval
On January 1, business journalist Eleanor Terret opined that approval for a Bitcoin ETF within the current week remains improbable.
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According to Terrett, the Securities and Exchange Commission (SEC) reviewed the amended S-1 forms filed just last week and highlighted the potential for further changes.
Drawing parallels to the Ethereum futures approval process, she emphasized that the SEC is expected to communicate a deadline to issuers to submit their final filings, pending the review phase.
Terret added that the recent holiday period presents an additional challenge and hinders the chances of a predicted Tuesday or Wednesday approval.
As the January 10 deadline looms, optimistic expectations of regulatory approval continue to drive a surge in Bitcoin price.
ETF Frenzy Fuels Price Surge
The advent of the new year marked a promising start for Bitcoin, breaking through its month-long $42,000 price point and soaring to a 21-month all-time high.
Trading above $45,000 at the time of writing, a ‘Buy the Rumor, Sell the News‘ trend seems to have resurfaced among investors as they look to be well positioned to capitalize on the uptick in Bitcoin’s price anticipated from the regulatory nod from the SEC.
On the other hand, several industry analysts have warned against overestimating the immediate impact of approval and have urged a more balanced perspective that acknowledges its long-term benefits. VanEck adviser Gabor Gurbacs asserted that while the ETF launch may not instantly impact Bitcoin’s market performance, it holds long-term revenue potential.
A Bitcoin ETF is expected to serve as a gateway for institutional investment, which many hope will lead to a lasting bull run in 2024.
On the Flipside
- While most of the crypto industry remains optimistic about a potential approval, some investors have predicted a likely delay or rejection by the SEC.
- Ark Invest is expected to be the first to launch its Bitcoin ETF, contingent upon receiving a favorable verdict from the SEC on January 10, 2024.
- BlackRock, Fidelity, Grayscale, and 11 other entities are awaiting approval from the SEC for their applications.
Why This Matters
The heightened anticipation surrounding the SEC’s decision on Bitcoin ETFs underscores the significance of potential approval, bridging the gap between traditional finance and the crypto market.
Read to find out more about Bitcoin price predictions:
Bitwise Predicts $80k Bitcoin Surge and ETF Approval by 2024
Read more about hacks and scams in 2023:
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