Will spot Bitcoin ETF be approved or denied on 10th Jan.?
The cryptocurrency market experienced a sharp decline as Bitcoin plummeted to $43,000, erasing most of its gains achieved on Tuesday. This downturn led to a significant drop in crypto-related stocks $Marathon Digital Holdings Inc(MARA)$ $Riot Blockchain, Inc.(RIOT)$ on Wednesday.
The decline was prompted by some concern that SEC wouldn’t approve an ETF this year as expected by many bitcoin bulls.
Matrixport analyst Markus Thielen stated that the SEC would reject all Bitcoin spot ETF proposals this month as these applications still lack essential components necessary for SEC approval.
Adding to the market's apprehension were insights gleaned from the latest FOMC minutes. These minutes revealed the central bank's warning that interest rates could continue to be maintained "at a restrictive stance for some time."
Some investors say that
Wall Street insiders already know it got denied. Why do you think they started selling off yesterday?
How do you view?
Will spot Bitcoin ETF be approved on 10th Jan. as expected?
Or will SEC present a new reason to deny the ETF?
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🌟🌟🌟There has been a flurry of activities last week with the SEC, exchanges and would be issuers meeting. I believe that Spot Bitcoin ETF would be approved on January 10. This would be a game changer as it would allow institutions and retail investors to invest in Bitcoin without holding the asset. A Spot Bitcoin ETF is safer as it is regulated by SEC and there is less worry about fraud and storage of Bitcoin.
In April 2024, mining rewards for Bitcoin will be halved thus reducing the supply of Bitcoin. Moreover the Feds have indicated that there maybe 3 interest rate cuts this year.
I am bullish on Bitcoin, Coinbase and Crypto Miners like $Marathon Digital Holdings Inc(MARA)$ $Bitfarms Ltd.(BITF)$ as these will certainly benefit.
Bitcoin has hit USD 45,000 this year but has currently fallen to USD 43,000 level. It was up 150% since last year. Coinbase was up 300% in 2023 and the Crypto Miners were up as well. $Marathon Digital Holdings Inc(MARA)$ has jumped a huge 390% since last year.
So all eyes will be on the SEC come January 10. If Spot Bitcoin ETF gets the green light, then Bitcoin and All Stocks associated with Bitcoin will be on fire! It's an exciting time for crypto investors!
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SEC staff said to have no more feedback on several key filings
SEC commissioners plan vote on exchange-rule filings next week
Very positive and good news!
Whilst it can make you rich within a short time frame, it can also make you poor overnight....
Therefore, best to have risk mgt. and trade with caution instead of being aggressive...
As bitcoin is volatile, hard to say if it'll bounce back... so let's keep fingers crossed...
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