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Rare SEC Call Sparks Hope for Bitcoin ETF Approval

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Fri, 22/12/2023 - 10:57
Rare SEC Call Sparks Hope for Bitcoin ETF Approval
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The U.S. Securities and Exchange Commission (SEC) is reportedly convening a rare joint conference call with contenders for launching Bitcoin "spot" ETFs. 

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This unprecedented gathering, which is taking place just as the SEC's critical decision deadline of January 10th approaches, has sparked a wave of excitement across the community.

"Be ready"

There's a palpable sense of anticipation in the air as the SEC inches closer to its decision on Bitcoin spot ETFs. Now, less than 20 days are left until the regulator will have to make its final decision.  

Adding to the intrigue, Anthony Scaramucci posted a theory suggesting the announcement might come as a surprise during the holiday lull - a strategic move to keep it under the radar. 

This could be a game-changer for the market, with billions of dollars potentially flowing into the nascent asset class.

A sea of speculation 

Meanwhile, predictions about Bitcoin's price trajectory are running wild. 

Analysts at QCP Capital have their eyes on a resistance zone between $45,000 and $48,500 for Bitcoin, with a possible dip to $36,000 before any bullish trend takes hold. But not everyone's wearing rose-tinted glasses. 

Over at JPMorgan, analysts are striking a more cautious note, predicting that the optimism around the ETFs might be a tad overdone. 

They point to lukewarm responses to existing Bitcoin ETFs in Europe and Canada as a sign that the U.S. market may not embrace the new investment vehicle as enthusiastically as some hope.

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