Home Bitcoin News Bitcoin Price Skyrockets Amid Speculation on SEC’s Decision on Spot Bitcoin ETF Approval

Bitcoin Price Skyrockets Amid Speculation on SEC’s Decision on Spot Bitcoin ETF Approval

In a whirlwind of market excitement, the possibility of a spot Bitcoin ETF gaining approval from the US Securities and Exchange Commission (SEC) has caused a surge in Bitcoin’s value. Speculation about this potential approval has propelled Bitcoin to soar by over 6% on the second day of 2024, breaching the $45,000 mark for the first time since April 2022. This development has sent ripples of anticipation throughout the digital asset market, with traders and investors exhibiting heightened interest and an uptick in buying activity.

The buzz surrounding the anticipated ETF approval reflects the growing belief that Bitcoin may soon gain widespread institutional acceptance. This speculation has been the driving force behind the recent surge in Bitcoin’s value, capturing the attention of market participants for several weeks now.

Reports from Reuters over the weekend hinted that the SEC might begin informing ETF sponsors about the acceptance of their applications as early as January 2. However, Eleanor Terrett of FOX Business, sharing insights via social media, highlighted the unpredictable nature of the SEC’s decision-making process.

“While the SEC’s actions are often unpredictable, it would be surprising if approvals were granted imminently,” Terrett commented. She mentioned conversations she had with issuers, indicating that the SEC is still in the process of reviewing the changes made to the S-1s filed on Thursday and Friday.

Terrett pointed out that after this review phase, the SEC would need to provide feedback on the amended S-1 forms. According to her sources, this notification could take effect within the next 24 to 48 hours.

The cryptocurrency analyst Scott Melker had speculated about a potential approval, suggesting it could occur soon. Terrett’s response indicated that despite Melker’s conjecture, considering recent vacations taken by SEC staff, even a confirmation on Tuesday or Wednesday appeared unlikely.

Addressing the situation optimistically, Terrett added, “But we’ll see! Whatever happens, the next two weeks will be exciting for crypto.”

Adding to the discourse, FOX Business journalist Charles Gasparino shared insights indicating a lack of communication from the SEC, mentioning sources at BlackRock who expressed uncertainty due to the volume of paperwork yet to be reviewed. Gasparino suggested that any potential announcement might lean toward the end of the week.

The current market capitalization of Bitcoin stands impressively at $897.742 billion, reflecting the heightened market enthusiasm and potential for further growth.

Eleanor Terrett, a FOX Business commentator, took to social media to express her views on the SEC’s decision-making process, highlighting its unpredictable nature. Despite the buzz, she cast doubt on the likelihood of immediate approvals, citing ongoing evaluations of S-1 filings made by issuers. Terrett’s insights shed light on the meticulous review process required before any official announcements from the SEC.

Cryptocurrency analyst Scott Melker’s speculation about an imminent approval prompted Terrett’s response, emphasizing the need for the SEC to scrutinize recent changes made to filed S-1s. She hinted that the notification regarding the final submission date might transpire within the next 24 to 48 hours after this review phase.

Melker’s tweet further stoked anticipation, hinting at the possibility of an ETF approval on January 2, fueling market discussions. However, Terrett cautioned against hasty conclusions, citing recent SEC staff vacations and drawing parallels with past approval procedures for Ethereum futures in October of the previous year.

While optimism persists, Terrett hinted at improbabilities surrounding immediate confirmations, attributing delays to the recent SEC staff leave. Despite this, she maintained a positive outlook, foreseeing an exhilarating two weeks ahead for the crypto market.

Contributing to the discourse, FOX Business journalist Charles Gasparino relayed insights from BlackRock sources, highlighting a sense of radio silence from the SEC. Terrett’s sources echoed this sentiment, indicating the substantial paperwork yet to be processed by the SEC, potentially pushing any announcement towards the week’s end.

The unfolding narrative surrounding Bitcoin’s surge amid SEC speculation underscores the delicate balance between anticipation and uncertainty within the cryptocurrency market. Investors and enthusiasts brace themselves for potential shifts, eagerly awaiting the SEC’s stance on the much-anticipated spot Bitcoin ETF.

Despite the uncertainty surrounding the SEC’s decision and the varying opinions circulating among industry insiders, the looming possibility of a spot Bitcoin ETF approval continues to drive speculative fervor in the cryptocurrency sphere. This momentous event, if confirmed, could mark a significant milestone in Bitcoin’s journey toward wider institutional acceptance and mainstream adoption.

As the market eagerly awaits the SEC’s verdict, the coming weeks promise to be an exhilarating period for the world of cryptocurrency, with all eyes glued to developments that could potentially reshape the landscape of digital assets.

Read more about:
Share on

Sakamoto Nashi

Nashi Sakamoto, a dedicated crypto journalist from the Virgin Islands, brings expert analysis and insight into the ever-evolving world of cryptocurrencies and blockchain technology. Appreciate the work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

Rate this article 0 / 5. 0

Crypto newsletter

Get the latest Crypto & Blockchain News in your inbox.

By clicking Subscribe, you agree to our Privacy Policy.