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Bitcoin price could rally to $49,000 target with approval of Bitcoin spot ETFs by the SEC, window opens today
11/09/2023 09:11:34 GMT | By Ekta Mourya
Bitcoin price could rally to $49,000 target with approval of Bitcoin spot ETFs by the SEC, window opens today
Bitcoin analysts at Bloomberg analysts believe this confirms the BTC bull market.
Spot Bitcoin ETF approval is expected to push BTC price higher, Bitcoin price could hit $49,000 target.
Bitcoin price rally to its bullish target of $49,000 relies largely on spot BTC Exchange Traded Fund (ETF) approval by the US financial regulator, Securities and Exchange Commission (SEC).
According to a Cointelegraph report, the window for approval of the first spot Bitcoin ETF opens today, a key event that market participants are watching closely.
The series of events that led to the impending approval of Bitcoin spot ETFs started with Grayscale’s landmark victory against the SEC. In the DC Court of Appeals, Grayscale’s victory meant that the SEC can no longer deny spot bitcoin ETFs under reasons it has given in the past. Also read: Bitcoin price trends above $35,000 after BTC survives sell off by miners
Daily Digest Market Movers: Bitcoin spot ETF approval window opens today, BTC price eyes $49,000 target
Bitcoin price is $36,564 on Binance, early on Thursday. The largest asset by market capitalization crossed the barrier at the $36,400 level, confirming a BTC bull run in the ongoing cycle.
Bloomberg’s research analyst, James Seyffart identified two paths that need to be completed for a spot Bitcoin ETF launch. SEC Form 19b-4, used by self-regulatory organizations (SROs) to record a rule change with the regulator needs approval.
The second step is a sign off from the Division of Corporate Finance.
Seyffart notes that it could take weeks or months between approval and launch,
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