“An ETF would certainly enable crypto overall to take off, and based on Gensler’s comments in December 2023, he still sees this industry in need of more stringent compliance,” Matrixport continued. “From a political perspective, there is no reason to approve a bitcoin spot ETF that would legitimize Bitcoin as an alternative store of value.” Source CryptoX Portal
All attention of crypto investors has turned toward January 10 when the first Spot Bitcoin ETF is expected to be approved. As usual, the excitement triggered by this has seen prices recover across the space, with no doubt about the bull sentiment leading up to the event. However, arguments have arisen about whether this bullish sentiment would continue if a Spot ETF is eventually approved or if it will end up being a “sell the news” event. What Is A Sell The News Event? The phrase “sell the news” is…
John Palmer, the president of crypto clearing house CBOE Digital, anticipates a significant influx of institutional investment into Bitcoin as soon as the SEC greenlights the first-ever spot ETF. In a Bloomberg TV interview, Palmer highlighted that such approval would open doors for pension funds and funds based on registered investment advisers (RIAs) to engage in Bitcoin assets through a spot ETF, a move currently restricted with standard Bitcoin tokens. This development comes as Bitcoin’s value surged past $45,000 for the first time in almost two years, just ahead of…
Most analysts are optimistic that the impending launch of spot Bitcoin exchange-traded funds (ETFs) in the U.S. could propel the coin to new heights, way above the $69,000 mark registered in November 2021. Andrew Kang, co-founder of Mechanism Capital, believes that Bitcoin at $45,000 is still grossly undervalued. This is given the anticipated influx of institutional investment from ETFs, and the effort issuers will put into marketing their products as they aim to accrue billions in fees in the months ahead. Learning From Gold And Quest For Fees Kang points to…
Traders taking bets on the platform predict a 90% chance the SEC will approve spot Bitcoin ETFs by mid-January, while the minority is hedging against the converse outcome. Shares of a “Bitcoin ETF approved by Jan 15” contract on Polymarket, a decentralized prediction venue, traded for 90 cents as speculation for a forthcoming decision from the U.S. Securities and Exchange Commission (SEC) dominated market sentiment. At press time, the contract had attracted $441,315 worth of “YES” bets, with just 10% of traders choosing “NO”. These investors also admitted their opposing…
CryptoX – Cryptocurrency Analysis and News Portal Some investors have bought the “No side shares” of the prediction contract to hedge against potential delays in the SEC’s approval of spot ETFs. Source The post Polymarket Traders See 89% Chance of SEC Approving Spot BTC ETF by Jan. 15 appeared first on CryptoX. CryptoX Portal
Bitcoin price is up over 5% and it cleared the $45,000 resistance. BTC is showing positive signs on rumors of spot ETF approval by the EOD. Bitcoin is gaining pace above the $44,000 and $44,400 resistance levels. The price is trading above $45,000 and the 100 hourly Simple moving average. There was a break above a key ascending channel with resistance near $43,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is up over 5% after several rumors of BTC spot ETF approval by…
VanEck advisor Gabor Gurbacs does not expect the launch of Bitcoin (BTC) spot exchange-traded funds (ETFs) to impact Bitcoin price much. In a post to X, financial guru Gabor Gurbacs noted that while the launch of a spot Bitcoin ETF will not greatly impact the price of BTC, it will significantly impact capital flows into the cryptocurrency sector. Bitcoin ETFs are widely expected to bring in trillions of dollars over the long term, but Gurbacs believes they will not move the needle that much in the short-term. In my view,…
Speculations about the ETF approval’s potential effects on Bitcoin (BTC) have been widespread. Greeks.live, an options platform, provides insights into how the exchange-traded fund could influence the value of the leading cryptocurrency. Potential Bitcoin ETF approval imminent The U.S. Securities and Exchange Commission (SEC) is reportedly set to inform asset managers seeking to launch a spot Bitcoin (BTC) ETF about the approval status of their applications as early as next week. A seasoned trader, renowned for accurately predicting the year’s crypto breakout, now provides insights on Bitcoin’s optimal trajectory post potential…
This week, business intelligence firm MicroStrategy augmented its Bitcoin (BTC) stash with $615 million. The drama surrounding the spot BTC ETF continued, while, a U.S. court affirmed that Binance founder Changpeng Zhao remains in the country until his sentencing. MicroStrategy accumulates, Trump distributes MicroStrategy continued its Bitcoin buying spree on Dec. 27 when the firm purchased an additional 14,620 Bitcoin at an average price of $42,110 per token, according to chairman Michael Saylor. The company now holds 189,150 Bitcoin currently valued at $7.99 billion. MicroStrategy procured these tokens at an…