Markets News Report
November 09, 2023

SEC’s Bitcoin ETF Approval Anticipated On January 10th, Say Crypto Conglomerates

SEC's Bitcoin ETF Approval Anticipated On January 10th, Say Crypto Conglomerates

The financial markets are abuzz with anticipation as the U.S. Securities and Exchange Commission (SEC) enters a crucial decision-making window that could lead to the approval of the long-awaited spot Bitcoin ETF.

Bloomberg Analyst James Seyffart has hinted at a high probability of approval by January 10, suggesting a 90% chance based on his latest research note. Seyffart’s optimism is bolstered by recent delay orders issued simultaneously by the SEC for major players like BlackRock, Bitwise, and VanEck.

The synchronized move might pave the way for a collective approval of all 12 applications currently on the table. Seyffart notes that the SEC’s window for a decision on the first nine applicants extends until January 10, 2024 — sparking intense speculation among investors and industry observers.

Market Expectations on Bitcoin ETF

Adam Cochran of Cinneamhain Ventures observed that the SEC often issues disclaimers before greenlighting contentious decisions, referencing the commission’s behavior prior to the approval of the $BITO futures ETF. His analysis suggests that approval for a Bitcoin ETF could be imminent, possibly within a week.

However, Seyffart cautions that even after an initial nod, ETFs would still require sign-off from the division of Corporate Finance, which could delay the actual launch by weeks or months.

The path to approval is not without its obstacles. Critics like Bitfinex have raised concerns about the lingering issues surrounding Tether’s alleged fraud, previously cited in numerous spot Bitcoin ETF denials. They argue that these issues could resurface, potentially affecting the SEC’s verdict. Yet, it’s worth noting that similar concerns did not prevent the approval of Bitcoin futures ETFs in 2021.

As the industry awaits the SEC’s decision, the potential approval of a Bitcoin ETF stands as a watershed moment that could reshape the landscape of cryptocurrency investment. This event carries significant implications not just for investors but also for the broader adoption and legitimacy of digital assets. With the outcome still hanging in the balance, the market remains on edge, ready to pivot based on the SEC’s impending announcements.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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