There is a good chance that the first week of 2024 will immediately become the most important week in the entire crypto history. Reuters reports namely that the US Securities and Exchange Commission (SEC) may give the green light to the launch of several bitcoin (BTC) ETFs as early as Tuesday or Wednesday. Reuters claims to have learned this from unspecified sources.
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Clarity on Tuesday?
Officially, the SEC’s deadline is January 10. If the SEC wants to give the green light, they could inform the publishers of the ETFs as early as next week. The funds would then launch a week later.
As you may know, there are several publishers in the race to launch a bitcoin ETF. Blackrock is the largest of these. Other publishers include Valkyrie Investment, Bitwise, and a partnership between ARK Invest and 21Shares.
In total, this concerns 14 different investment funds that have submitted the necessary paperwork to the SEC for the issuance of a bitcoin ETF. To date, the SEC has never approved an application for a bitcoin spot ETF. The chance now seems greater than ever that this will change quickly.
Will bitcoin ETF lead to a crash?
In June, the big news came that Blackrock, the largest investment fund in the world, filed an official application with the SEC for a bitcoin spot ETF. At the time, the BTC price was around $25,000. Since that news, the BTC price rose by approximately 60 percent to the current price of more than $42,000.
The fact that we will probably see a bitcoin ETF soon is of course big news, but it does not necessarily mean that we will also see higher prices in the short term. The impressive rise of last year suggests that the potential approval of an ETF is already included in the BTC price. For example, analysts from analysis firm CryptoQuant think that a major correction would not be a surprise.
Although it can never be said with certainty what exactly will happen, these analysts take into account a correction of approximately 25 percent. This would bring the bitcoin price back to a level of around $32,000. Read more about this prediction from CryptoQuant here.
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2023-12-31 17:25:21
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