Mark your calendars folks, as per recent reports from many reputable sources, the US Securities and Exchange Commission (SEC) is expected to open its window for Spot Bitcoin ETF application approvals on January 5th.
As the hype surrounding such news suggests, the five-day period - lasting until January 10th - is thought to be one that brings success, as may have penned-it in as the time wherein the several in-waiting Spot Bitcoin ETF applications finally get the green light from Gary Gensler.
Bloomberg analyst and ETF expert James Seyffart has been the primary source of Twitter coverage over the development, with the journalist touting actual approvals to arrive in the latter stages of the window - namely between January 8th-10th.
Window is officially Jan 5th to Jan 10th. Really this means that any potential approval orders are going to come on either Monday Jan 8, Tuesday Jan 9, or Wednesday Jan 10. Mark your calendars people. https://t.co/8ob8Y6pgU5— James Seyffart (@JSeyff) December 1, 2023
With over a dozen big-name finance institutions having Spot Bitcoin ETF applications in waiting, the event - which would be the first of its kind in the US - will likely be the catalyst behind the next crypto bull run. This is because with the likes of BlackRock, Fidelity, Grayscale, and more, now able to seamlessly convert their trillion’s of assets under management (AUM) into the new Bitcoin (BTC) asset class, an unprecedented amount of institutional capital is poised to enter the crypto space, causing a mass of bullish ripple effects across the entire altcoin space.
Up until now, Gary Gensler and the SEC have been a hard nut to crack when it comes to getting approvals for Spot Bitcoin ETFs…and that isn’t from a lack of trying from several US congress members.
However, as the likes of BlackRock and Grayscale have reported, the regulator has recently been in close talks with several of the in-waiting applicants, with the general consensus being that progress is being made (slowly but surely).
And as always, the market has responded to such bullish news by adding upwards pressure to the price of BTC. As of the time of writing, the world’s most popular cryptocurrency sits at a price of around $41,300 (per CoinMarketCap) - its highest valuation since May 2022. Further, international banking giant Standard Chartered has predicted that Spot Bitcoin ETF approvals could lead to 160%+ gains, to ultimately catapult the cryptocurrency to a forecasted price of $100,000 by the end of 2024.
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This article is intended for educational purposes and is not financial advice.