Bitcoin ETF Approval Close: The anticipated approval date for a Bitcoin Exchange-Traded Fund (ETF) draws near, slated for January 10, 2024.
SEC Requests Refiling: Regulatory body SEC has requested applicants to refile their proposals. Notably, BlackRock, a prominent financial institution, has complied with this requirement.
Potential Price Surge: Market analysts speculate that the approval of a Bitcoin ETF could trigger a substantial price surge. Speculations suggest that Bitcoin prices might soar past the $47,000 mark within a few days of the ETF's potential approval.
The impending deadline of January 10, 2024, for Spot Bitcoin ETF approvals has spurred heightened activity within the US Securities Exchange Commission (SEC). All applicants have been urged to finalize modifications by the year's end, marking a critical juncture in their bid for approval.
BlackRock’s Revised Application: BlackRock, in particular, engaged in extensive discussions with the SEC, culminating in the modification and resubmission of its iShares Bitcoin ETF application following weeks of deliberation.
Crucial Meeting Between SEC and ETF Executives: Recent reports revealed a pivotal gathering on December 22, 2023, wherein SEC officials met with executives from seven Bitcoin ETFs. Some were directed to refine and resubmit their applications, a move seemingly influenced by Gary Gensler's hinted shift in stance toward Bitcoin ETFs.
Participating Entities: Notable attendees at the meeting included representatives from Cboe, Ark Invest, 21 Shares, BlackRock, and Grayscale. Cboe, functioning as an exchange on behalf of its clients, submitted multiple Bitcoin ETF applications.
Impending Decisions: The SEC faces the imminent decision regarding the Ark Invest/21Shares Bitcoin ETF by the January 10 deadline, with Fox Business noting final resubmissions due by December 29, 2023.
Potential Impact of Bitcoin ETF Approval: Should ETFs gain approval, the price of Bitcoin could soar past its all-time high of $69,000. This approval would democratize Bitcoin investment, enabling smaller investors to access the cryptocurrency through ETFs, potentially driving its price higher. Institutional demand remains substantial, with CNBC reporting an anticipated 72% incorporation of Bitcoin into asset management portfolios if approved, as per a Nasdaq survey conducted in 2022.
Year-End Projections: Various experts forecast Bitcoin's price surpassing $50,000 within the final days of 2023. Predictions range from Markus Thielen's projection of $50,000 to Forbes Magazine's estimation of a $60,000 surge post-approvals. Standard Chartered holds an even more optimistic viewpoint, speculating that Bitcoin could surpass $100,000 by 2024.
Bitcoin’s Current Status: As of December 23, 2023, Bitcoin's market cap exceeded $850 billion with a market dominance of 5.15%, wielding significant influence over other cryptocurrencies. Its price lingered around $43,800, showcasing stability amid the approaching ETF deadline.
Technical Analysis: Bitcoin faced resistance around $44.8k, with potential to surge towards $47k, its pre-crash high in March 2022. Indicators like RSI and MACD hinted at increasing strength and positive crossovers in moving averages, bolstered by recent positive volume trends.
Potential Outcomes: In the event of ETF disapproval, forecasts predict a potential dip to $41,000 in Bitcoin's price, indicating the market's reliance on ETF approvals for upward momentum.
Disclaimer: While striving for accuracy, Voice of Crypto disclaims liability for potential omissions or inaccuracies. Given the volatility of cryptocurrencies, independent research is advised for making informed financial decisions.
