The building speculation around the approval of spot Bitcoin Exchange-Traded Fund (ETF) in the U.S. turned the crypto green. However, the digital asset market is still looking for clear regulations. Amid all anticipations, Ripple CEO shared his side on the approval of ETF.
Garlinghouse focuses on long-term perspectives
In an interview with CNBC, Ripple’s CEO, Brad Garlinghouse, emphasized that he focuses on long-term perspectives rather than short-term predictions. He added that if you take a look at previous patterns the people were speculating an approval around October, or November.
Garlinghouse stated that Certainly, an ETF getting approved could create a lot of capital flowing into the market as speculation mounts over a spot Bitcoin ETF. He added that he don’t know how to bounce those things on the other macro factors. However, he would go back to the first principles and the bigger picture of what we need in this industry to thrive.
Ripple CEO pointed out that they need regulatory clarity, and utility to solve problems at scale with no experiments.
SEC’s potential approval of Spot BTC ETFs
As reported earlier, the United States Securities and Exchange Commission (SEC) could approve all 12 of the pending spot BTC ETF applications in the span of the next 8 days. Bloomberg ETF analyst James Seyffart shared his new research note. He believes that there is a 90% chance by January 10 for Bitcoin ETF to get approval. He added that the market is entering a window where a wave of approval orders for all the current applicants could occur.
Bitcoin, the world’s largest cryptocurrency price has soared by a massive 32% over the past 30 days. Positive sentiments emerging around the approval of spot BTC ETF have led Bitcoin to breach much awaited $37,000 price level for the first time since May 2022l. As per the data, BTC touched $37,904 on Friday morning. As of now, Bitcoin is trading at an average price of $36,400.
BlackRock, the world’s largest asset manager on Thursday registered the iShares Ethereum Trust as a Delaware statutory trust. This suggests a potential move towards seeking regulatory approval for an Ethereum-based exchange-traded fund (ETF). However, this move coincides with Nasdaq’s application to list and trade shares of the trust. Ethereum (ETH) price surged by 9.18% to around $2,062.8, marking its highest point since April.
