Bloomberg analyst says SEC has no reason to reject Bitcoin spot ETF applications
A new statement by the Bloomberg analyst, on Bitcoin spot ETF applications, again injected a high level of confidence among the Bitcoin investors.
Bitcoin spot ETF products help people invest money in Bitcoin on behalf of the ETF issuer via the stock market directly. Currently, a dozen of such applications are in queue to get approval from the United States Securities and Exchange Commission (SEC).
In the last 4-5 days, some reports claimed that the SEC body would not approve these applications, while some people opposed such claims. Following such reports, the whole crypto market faced sudden negative sentiments. The trade price of the majority of the crypto assets plummeted by nearly 8%.
But now the confidence among the crypto investors is again in momentum, as the top analysts predicted that the chances for the approval of Bitcoin spot ETF applications are still very high.
In a recent crypto webinar, Bloomberg analyst James Seyffart talked about these applications and said that the pressure on the SEC to approve these ETF applications is increasing.
According to James, there is a 90% chance that the SEC will approve these applications because the SEC body has no reason to reject these applications.
James dragged attention toward the multiple SEC meetings with stock exchanges, and fund managers regarding Bitcoin spot ETF applications. He pointed attention toward the Grayscale vs SEC suit, In Aug 2023, the court judge ordered the SEC body to review Grayscale’s Bitcoin spot ETF application, as already the SEC body approved multiple Bitcoin futures ETF applications in between 2021 to 2022.
Bitcoin price action
The current trade price of Bitcoin (BTC) is $43,573 & this trade price is 1% higher over the last 24 hours trade price..
It is expected that the SEC’s decision on these applications will come before 10 Jan, as per predictions by the majority of the ETF experts.
In the last few days, some media reports called “Bitcoin spot ETF approval” news as “Bitcoin sell event” & such reports acted as a big catalyst among the investors to create a high level of fear, which was clearly visible in the dumping trade price of Bitcoin.
Read also: South Korea to ban Crypto purchase via Credit Card method
