There is a good chance that the first week of 2024 will instantly become the most important week in the entire history of cryptocurrencies. Reuters reports That is, the US Securities and Exchange Commission (SEC) may give the green light to launch several Bitcoin (BTC) ETFs as early as Tuesday or Wednesday. Reuters claims to have learned of this from unspecified sources.
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Clarity on Tuesday?
Officially, the SEC deadline is January 10. If the SEC wants to give the green light, it could inform ETF publishers as early as next week. The funds will be released a week later.
As you know, there are many publishers racing 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 filed the necessary paperwork with the SEC to issue a Bitcoin ETF. To date, the SEC has never approved an application for a bitcoin ETF. It appears that the opportunity now is greater than ever for this situation to change quickly.
Will Bitcoin ETF crash?
In June, the big news came that Blackrock, the world's largest mutual fund, had filed a formal application with the Securities and Exchange Commission for a Bitcoin ETF. At the time, the price of Bitcoin was around $25,000. Since that news, the price of Bitcoin has risen nearly 60 percent to its current price of over $42,000.
The fact that we are likely to 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 in the past year suggests that the potential approval of ETFs is already baked into the price of Bitcoin. For example, analysts from analysis firm CryptoQuant believe that a major correction would not be surprising.
Although it cannot be said with certainty what exactly will happen, these analysts expect a correction of approximately 25 percent. This would return the price of Bitcoin to a level of around $32,000. Read more about this prediction from CryptoQuant here.
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