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Approval of Bitcoin ETF Expected to Drive Price of BTC Beyond $50K

Bitcoin ETF Approval To Push BTC Price Above $50K

The anticipation for spot Bitcoin ETF approval before the January 10, 2024 deadline is growing, causing the Bitcoin (BTC) price to surge to $44,000. Discussions between ETF filers and the U.S. Securities and Exchange Commission (SEC) are ongoing, indicating a positive outlook for potential approval.

In line with this, Matrixport Research predicts that BTC could reach $50,000 in January 2024 if the SEC gives the green light to ETFs. With a 95% chance of approval, the investment manager Blackrock has been actively engaging with the SEC, hinting at preparations for spot ETF approval.

Grayscale also met with SEC officials to discuss the potential conversion of the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF, signaling industry-wide interest in ETFs. Moreover, there are reports of Blackrock holding frequent meetings with the agency officials regarding the listing and trading of iShares Bitcoin Trust shares, underlining the industry’s push for ETF approval.

However, there is speculation that the SEC may impose conditions on Bitcoin ETF approval, particularly to prevent money laundering. Fox Business journalist Charles Gasparino mentioned the possibility of the approval being subject to measures to address money laundering concerns, indicating a cautious approach by the Commission.

As the industry awaits the SEC’s decision between January 8 and 10, there is speculation about whether the approval will be granted to a select few companies initially, with others following suit, or if all ETF filers will receive the green light simultaneously. This uncertainty leaves room for careful observation and strategic planning within the crypto and NFT industry.

Overall, the outlook for spot Bitcoin ETF approval is positive, with industry players and analysts closely monitoring developments to prepare for potential market impact.