Bitcoiners, or members of the Bitcoin community, have been looking to get a legitimate stand for their tokens for a long time. Expectations have circled to January 2024, a month when the SEC could potentially approve all the applications for Spot Bitcoin ETF. That will give a formal investment structure to traders and institutional traders when it comes to exchanging BTC on the board.
One of the prominent personalities to have come out in support of Spot Bitcoin ETF is Mike Novogratz, the Chief Executive Officer of Galaxy Digital. He believes approval can come as early as January 10, 2024, for all applications, including the one filed by Grayscale.
Many analysts and experts believe that the expected window for approval is January 5–January 10, 2024. Mike has said that the deadline is what Gary Gensler gets before getting in trouble with Grayscale. Two factors that strengthen the foundation of Mike’s claim are the inflation focus of the Federal Reserve and the cooling rate hike.
The Federal Reserve has been on a rate hike spree this season; however, a hint has been signaled that it could be done with any further hikes. The next development could favor either keeping the rates unchanged or bringing them down. No matter the decision, it is likely to set the stage for ETF approval.
As statements from market experts keep coming, the crypto market performs as it should, with BTC leading the charge to come out of the winter season.
Bitcoin is way above its resistance mark of $38k, currently trading at $42,929.99. That is a fall of 0.24% in the last 23 hours but a rise of 4.42% in the last 7 days. Similarly, ETH can be seen performing above the accepted mark of $2,200, exchanging hands at $2,213.50 at a time when the article is being drafted.
A decrease in value has a lesser impact on tokens due to the continuous influx of statements from industry leaders. They largely support the approval of the Spot Bitcoin ETF, with a tentative date of January 10, 2024. Needless to say, applications can be rejected by the SEC. This would shift all sights to Bitcoin halving, hoping the prices would go up in the middle of 2024.
Another personality to have come out in support of Spot Bitcoin ETF’s approval is Michael J. Saylor. He is the Chief Executive Officer of MicroStrategy and has reiterated the idea of accumulating BTC in the times to come. As a matter of fact, he has said that Bitcoin will go forward in the next year, no matter what happens.
Meaning the pace can be undetermined and affected by several factors, but there is no denying that Bitcoin will eventually grow, come out of its shell, and beat the ATH of ~$65k.
Many estimates have quoted that BTC may end in 2024 at as high as $100k.