As 2024 draws near, major asset managers’ anticipated approval date for Bitcoin ETF applications is growing. Now, experts have made audacious predictions. James Seyffart, an exchange-traded fund (ETF) expert for Bloomberg, identified the possible approval window as occurring between January 5 and January 10.
The cryptocurrency community is excited about this timeline’s significance because the approval could be a significant turning point for the sector. But experts stress that missing this window to approve could have serious repercussions for both the SEC and prospective ETF applicants.
Approval of Bitcoin ETF Anticipated for January 8th
Any possible approval orders for the Bitcoin (BTC) ETF are expected to take place on Monday, January 8, Tuesday, January 9, or Wednesday, January 10, according to James Seyffart. Expert Eric Balchunas and Seyffart predict that there is only a 10% chance that the approval will come outside of this window.
Moreover, according to Seyffart, the SEC’s position on financial products linked to cryptocurrencies may change significantly if the ETF is not approved within the anticipated window.
This would imply that the regulator, SEC Chairman Gary Gensler, has adopted a tough stance or that they don’t think the market is prepared for a spot Bitcoin ETF. In the latter case, it’s probable that 21Shares and ARK Invest, two ETF applicants, voluntarily withdrew their applications in exchange for future consideration.
Custodia Bank’s founder and CEO, Caitlin Long, anticipates a fierce marketing competition among Bitcoin spot ETF issuers should the anticipated approval window materialize.
Long emphasizes that these issuers will come under intense scrutiny as they fight for investors’ interest and negotiate the post-approval environment. It is anticipated that this development will excite mainstream investors, many of whom have expressed interest in learning more about Bitcoin’s comeback after periods of skepticism.
The timing of the possible approval coincides with the US presidential election and the April halving event, which further elucidates the workings of the market.
BTC Achieves New Yearly High With High Approval Probability
Insider sources claim that the SEC has held lengthy meetings with issuers of Bitcoin spot ETFs. With a reported 99% confidence level, these discussions have indicated a high probability of approval.
All applications are reportedly carefully reviewed by the SEC, who makes sure that all requirements are satisfied and that every detail is looked at in great detail. Pending a court ruling, well-known cryptocurrency asset management company Grayscale is aggressively exploring the prospect of becoming the first to launch a conversion-based ETF.
As of right now, Bitcoin has crossed $38,800, more than $400 above its previous milestone. The $40,000 mark, which has not been attained since April 2022, is the next objective in sight.
With BTC extending its gains by 2.9% over the last 24 hours and a 1.7% increase over the last 7 days, the bullish momentum has persisted.
It is unclear how the price of Bitcoin will react as the ETF approval date draws near. Furthermore, investors are watching the cryptocurrency closely to see how it does in the last few months of the year.
