BTC Bounces Back As Spot Bitcoin ETF Approval Nears
Bitcoin (BTC) made a strong comeback on Wednesday on prospects of a spot Bitcoin exchange-traded fund (ETF) approval from the US Securities and Exchange Commission (SEC).
According to a Bloomberg report, the BTC price jumped more than 2% today and changed hands at roughly $43,000 as of 12:10 p.m. in London, pairing Tuesday’s loss. Other major tokens, including Ethereum (ETH), Solana (SOL), and XRP also grew. Bitcoin Cash, a cryptocurrency built on the same blockchain as BTC, recorded double-digit gains, surging nearly 14% on the back of renewed investor interest.
MicroStrategy Acquires BTC Worth $615 Mln
Earlier today, CoinGape reported that MicroStrategy bought an additional 14,620 BTC, worth roughly $615.7 million, taking the firm’s total BTC holdings to 189,150 BTC, worth around $5.9 billion.
Crypto asset manager Grayscale Investments made an amended S-3 filing with the US securities regulator on Tuesday after Barry Silbert, the CEO of its parent company Digital Currency Group, stepped down from his position. Silbert’s departure triggered speculation in the crypto market that Grayscale’s wish to convert its Grayscale Bitcoin Cash Trust (GBTC) into a spot Bitcoin ETF may finally come true.
SEC Sets Dec 29 Deadline For Spot Bitcoin ETF Applicants To Make Final Changes
The development comes on the heels of the SEC directing ETF hopefuls to make final changes to their applications by Dec 29, with a final decision on approval of a spot Bitcoin ETF expected by Jan 10.
The GBTC saw its trading volume soar by 18% on Tuesday, a seven-fold jump from the six-month daily average, data by Bloomberg suggests.
One of the major sticking points in the ongoing spot Bitcoin ETF debate is whether a regulatory nod to such a product would translate into profits, and attract more investors into the crypto space. According to Nic Carter, founding partner at Castle Island Management, the crypto market is “almost certain” that spot Bitcoin ETFs will receive approval from the SEC before Jan 10. He also hinted at the possibility of a “news-selling event” in the near term.
Is BTC Headed Towards $50,000?
Notably, Bitcoin price has risen by over 154% year-to-date and was trading at $42,889 at press time. The past week has seen BTC showing solidarity, with the cryptocurrency trading in the range of $42,000-$44,000. A prominent crypto analyst took to X (formerly Twitter) and said that BTC could break the upper resistance level, propelling to $47,000-$50,000.
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