Bitcoin (BTC) price surged to breach the $45k level on Tuesday marking a positive opening from the year 2024. The optimism around the potential approval of exchange-traded spot bitcoin funds has fueled the recent surge in the market. As investors are closely monitoring regulatory developments and their impact on the market, a Fox Business journalist dropped some insights into the pending decision.
Wait for Bitcoin ETF over?
Eleanor Terrett, a journalist from Fox Business, shared insights on the approval process. She stated that while the U.S. Securities and Exchange Commission’s (SEC) actions are unpredictable, she would be surprised if approvals were to happen immediately.
According to her conversations with issuers, the SEC needs to review all changes made to the S-1s filed on Thursday and Friday before making comments. Terrett added that if the SEC follows a timeline similar to the approval of $ETH futures in October. The agency will communicate a date for the final S-1s to be filed, making them effective in the subsequent 24-48 hours. With the SEC staff off since Friday, a Tuesday or Wednesday approval seems tight, making the next two weeks exciting for the crypto market.
On the market side, Bitcoin registered levels not seen since April 2022, as optimism around the potential approval of ETF. The world’s largest cryptocurrency had an impressive 156% gain in 2023, marking its strongest yearly performance since 2020.
BTC breaches $45K
Bitcoin, hitting a 21-month peak at $45,532, remains a focal point for investors at this point. However, Ethereum’s native coin, Ether, was also up 1.45% at $2,386, having surged 91% in 2023.
Investors are closely watching the SEC’s decision on spot bitcoin ETFs, which could significantly broaden bitcoin’s market accessibility and attract substantial investments. Despite multiple rejections in recent years, signs suggest regulators might approve some of the 13 proposed spot bitcoin ETFs, with expectations for a decision in early January.
According to reports, Chris Weston, head of research at Pepperstone, noted that the market’s response to rejection would likely be immediate and result in a significant decline. As the crypto market enters the new year with optimism and key regulatory decisions pending, the next few weeks promise to be pivotal for the industry.
