Bitcoin price is rocking as we speak. Charts are all in green – and speculations are high the alpha coin will soar higher in the coming days.
At the time of writing, BTC has broken past the halfway point to the vaunted $38K level, hitting $37,618 based on figures by CoinMarketCap. The top crypto was up 6.2% in the last 24 hours, and tallied a solid 8% gain in the last seven days.
The price of BTC has reached new highs, surpassing levels not seen in the past 18 months. Market participants in the cryptocurrency industry seem to have been surprised by the robustness of this recent rally.
BTC price climbing. Source: CoinMarketCap
The US Securities and Exchange Commission’s (SEC) approval of the spot BTC Exchange Traded Fund (ETF) is a major requirement for the price of Bitcoin to rise and reach the coveted $50,000 milestone.
Market players are reportedly keeping a close eye on the possible approval of the first-ever spot Bitcoin ETF, which represents a critical turning point. This move is the culmination of a series of events that began with Grayscale’s huge legal victory over the SEC and will soon lead to the approval of Bitcoin spot ETFs.
Bitcoin approaching the $38K territory. Chart: TradingView.com
Analysts indicated that the current sentiment towards Bitcoin in the United States is the most positive since early 2022, noting that the last time Asian market price changes were viewed as this bullish was in October last year.
Their insights, referencing data from on-chain analytics firm Glassnode, highlighted that the ongoing Bitcoin rally is being supported by buyers in the United States.
The likelihood of approving Bitcoin ETFs before January 10 is strong, according to James Seyffart of Bloomberg Intelligence, at over 90%. The SEC’s past practice of delaying rulings for a number of companies, most notably major players in the market like BlackRock and Fidelity, suggests a planned sequence of Bitcoin ETF launches after Grayscale’s court win.
The industry, burdened by years of setbacks from the SEC and the FTX scandal, eagerly awaits positive developments. The potential approval of Bitcoin ETFs in the United States might serve as a pivotal moment for the sector.
ETFs represent a credible and accessible avenue for mainstream investors to engage with this emerging asset class without directly holding Bitcoin. There is widespread belief that this approval could trigger a significant influx of capital, possibly in the billions of dollars, largely propelled by the keen interest of institutional investors.
What Scott said: There are TWO paths that need to be completed for an ETF launch. Even if 19b-4 is approved, S-1s still need sign off from division of Corp Fin. No sign that’s done yet. Possible and even likely that there could be weeks or even months between approval & launch https://t.co/LZSdutmlT8 pic.twitter.com/7OLj5HjSDy
— James Seyffart (@JSeyff) November 8, 2023
Seyffart outlines the essential requirements for the launch of a spot Bitcoin ETF. He highlights two key steps: first, the necessity of SEC Form 19b-4, utilized by self-regulatory organizations (SROs) to register a rule change with the regulatory body, requiring approval. The second step involves obtaining approval from the Division of Corporate Finance.
He emphasizes that the period between approval and actual launch could vary significantly, potentially spanning from weeks to months. This insight was shared by Seyffart in a recent tweet on platform X.
Currently, Bitcoin is fluctuating within the range of $37,500 and $37,700. The speculation lingers about whether the leading cryptocurrency will surge beyond the $38,000 milestone or retract back to the $36,000 range. Nonetheless, the noteworthy volatility in the cryptocurrency market signifies considerable vitality, indicating a positive momentum for the broader crypto sphere.
Featured image from Francesco Ungaro/Pexels
