Bitcoin’s Latest Rally
The largest cryptocurrency by market cap, Bitcoin, has hit $46,000 after the deadline for filing amended S-1 forms passed yesterday. Applicants for Bitcoin spot Exchange-Traded Fund had until 9 am ET Monday to submit amendments in their S-1 files to the United States Securities and Exchange Commission (SEC).
Bitcoin is up 3% today, according to data from CoinGecko. The latest rally means that BTC has erased last week’s losses, which resulted from Matrixport’s report that the SEC would dismiss all the ETF applications.
Meanwhile, ETF analyst at Bloomberg, Eric Balchunas, says that the possibility of a Bitcoin spot Exchange-Traded Funds being approved by the Securities and Exchange has increased by 95% since the start of the week. He expects the Commission to approve several ETF applications on Wednesday.
If approved, a Bitcoin spot ETF will allow traditional investors who do not want to hold BTC but still wouldn’t mind getting exposure to the digital asset to inject funds into the crypto market.
Balchunas told Rug Radio’s presenters last week that even if the SEC approves a single Bitcoin spot ETF, it could be worth $10 billion within a year.
Will the SEC Approve a Bitcoin Spot ETF?
Not everyone is confident that the SEC will approve the long-awaited Bitcoin ETF based on a report released by Bitwise. The report showed that 61% of financial advisers were pessimistic that a Bitcoin spot ETF would start trading this year. Meanwhile, crypto betting company Polymarket says the possibility of a Bitcoin spot ETF being approved in January is at 80%.
It is worth mentioning that the SEC has rejected every Bitcoin spot ETF application since 2013 on the grounds that the crypto market still faces the risk of manipulation. However, the entrance of big financial companies like BlackRock in the ETF race has made many crypto enthusiasts believe that the SEC will finally approve this type of ETF.
Several Altcoins Record Price Growth
Besides Bitcoin, several altcoins have experienced price increases over the past 24 hours. For instance, Solana is up 8.2% to $101.66, Avalanche has surged 6.6% to $36.32, and Bitcoin Cash is valued at $250.83 after growing 4.4%.
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