Fund managers seeking to launch a spot Bitcoin ETF in the United States now have less than a week to finalize their applications.
Read more on: https://thecryptobasic.com/2023/12/25/final-date-for-amendments-to-bitcoin-etfs-confirmed/
#BitcoinETFUpdate #BitcoinETFApproval #BitcoinETFAdvocacy #cryptoahmet #CryptonewswithJack

1. Bitcoin experiences a significant downturn, plunging below the $40,000 mark in 2024, sparking widespread panic selling and heightened market anxiety.
2. Despite the prevailing bearish trend, industry analysts observe a fierce struggle between bullish and bearish forces in the market.
3. Bitcoin spot ETFs, notably Grayscale's GBTC, witness substantial outflows, with FTX selling off more than half of its shares during the downturn.
4. Technical indicators point to the possibility of further declines in Bitcoin's value, with some projections suggesting a retest of the $31,800 level.
5. Current market dynamics provide compelling reasons for anticipating a short- and medium-term decline in Bitcoin's price, raising concerns among investors and stakeholders.

An intense wave of selling swept through the cryptocurrency market last Friday as Bitcoin faltered around the $41,000 mark. The situation worsened on Monday when Bitcoin breached the crucial $40,000 support level for the first time in the year, sparking widespread panic among traders eager to secure whatever profits they had accrued.
The severity of the market downturn drew attention from analysts, notably highlighted by the crypto data aggregation service, Greeks.live. On Monday, Greeks.live observed a significant decline in Bitcoin's Volatility Risk Premium (VRP), signaling a shift toward bearish sentiment as traders engaged in panic selling. Despite the tumultuous selling spree, Greeks.live noted that long and short positions remained relatively balanced, indicating an ongoing battle for dominance between the bulls and bears.
While the bears may not have claimed full victory yet, Greeks.live suggests a fierce struggle between the two camps. This assessment aligns with a previous tweet, indicating that market dynamics were heavily influenced by the launch and subsequent performance of various spot ETFs in the US.
The ETF market has also witnessed considerable outflows, as highlighted by Bloomberg ETF analyst James Seyffart. He reported a substantial $76 million in outflows on the seventh day of trading, with Grayscale's ETF (GBTC) experiencing the most significant drop of $3.45 billion in assets under management (AUM) since the ETFs' general launch. Seyffart attributes most of these outflows to FTX, which reportedly sold over half of its 22.8 million GBTC shares as of January 22.
Bitcoin itself has suffered a setback, currently experiencing a 4.5% decline over the past day and trading at approximately $38,835. The weekly chart indicates a 20-day EMA at around $37,400, hinting at a potential further decline. Additionally, a longer-term ascending trendline suggests a possible Bitcoin retest of $31,800.
While bullish outlooks for Bitcoin remain intact in the long term, the short and medium-term perspectives present compelling cases for potential declines. It's essential to note that the information provided by Voice of Crypto aims to be accurate and up-to-date, but readers are advised to conduct their own research and make informed financial decisions due to the highly volatile nature of cryptocurrencies.
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As the wait for the first spot of Bitcoin ETFs in the United States continues, an industry leader is leaning towards approval not coming this month. 
Read more on: https://thecryptobasic.com/2024/01/05/digital-chamber-founder-says-sec-could-block-bitcoin-etf-approval-this-month/
#BitcoinETFAdvocacy #BitcoinETFUpdate #BTCETFApproval #BitcoinETFLaunch #CryptonewswithJack

The approval window for spot Bitcoin Exchange-Traded Funds (ETFs) is set to open in less than 20 days, which has the cryptocurrency industry buzzing with anticipation. A thorough list of pending spot ETF files was recently made public by well-known cryptocurrency influencer Crypto Rover, providing insight into the possible applicants who are still seeking Securities and Exchange Commission (SEC) approval.
The Situation with Upcoming Bitcoin ETFs
A tabulated screenshot from Crypto Rover provides interesting information about the applications for pending spot Bitcoin ETFs. Of the thirteen on the list, twelve of them were submitted this year, which indicates that the cryptocurrency industry is becoming more and more interested in getting these investment instruments approved by regulators.
Among the applications filed before 2023, Grayscale Bitcoin Trust is noteworthy since it is a re-file that was filed on October 19, 2021.
The Special Method of Grayscale
One notable feature of the applications that are still pending is Grayscale's most recent submission, which entails transforming its current Grayscale Bitcoin Trust (GBTC).
In contrast to the direct investment strategy that is common in the cryptocurrency field, this calculated move intends to make Bitcoin more available to individual and institutional investors through a traditional investment avenue in the form of shares.
The Regulatory Environment and Timelines
Although there is a window of opportunity for approval, the SEC has not yet established a new deadline for Grayscale's ETF approval, as the last one expired on October 13. The majority of other applications, however, have deadlines that fall during the first quarter of 2024. Pando's application is slated to be reviewed in Q3 2024, but only two applications are extended into the second quarter.
According to Crypto Rover's excellent report, Coinbase is the preferred custodian for the majority of proposed spot Bitcoin ETFs. The landscape of possible ETF offerings has also been further shaped by the fact that eight out of thirteen applicants have chosen the Chicago Board of Exchanges (CBOE) as the designated exchange to fulfill their intended purpose.
Market Prediction
Crypto fans are waiting to see if spot Bitcoin ETFs will be approved as the window for approval is closing. This regulatory approval may indicate a turning point in the market and the start of the next bull cycle. The impending Bitcoin halving event, which is anticipated to take place in the first quarter of 2024, adds to the increased enthusiasm and paves the way for big changes in the cryptocurrency market in the months ahead.
The cryptocurrency community is anticipating the possible approval of spot Bitcoin ETFs and is watching closely to see if this regulatory milestone will significantly alter the sector. With the clock ticking down, all eyes are on the SEC and the decisions
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