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The week from January 1 to date was an eclectic one for the digital currency ecosystem with anticipation for spot Bitcoin ETF approval entering a whole new level. While the market suffered a major drawdown following a bearish report from Matrixport, there is a general calmness now with new capital flowing into the ecosystem.
With the enhanced communication from the United States Securities and Exchange Commission (SEC) and the product’s applicants and their associated national exchanges, here are the key highlights in the market for the week.
Spot Bitcoin ETF Trends
Bloomberg ETF analyst Eric Balchunas has pegged the chances of the SEC rejecting the spot Bitcoin ETF application at 5%. This stems from the due diligence conducted by the respective applicants in sending updates and agreeing to the Cash Creates redemption model specified by the market regulator.
The meeting between the SEC and Nasdaq Composite, New York Stock Exchange (NYSE), and Chicago Board of Mercantile Exchange (CBOE) on January 3 has also increased the optimism for the product’s approval.
While there are skeptics like Better Markets who urged the SEC to disapprove the spot Bitcoin ETF products, new reports suggest that BlackRock is expecting the product to be approved as early as Wednesday January 10
Jim Cramer Backtracks on Bitcoin
CNBC’s Mad Money Host Jim Cramer has earned a reputation as one of the top critics of Bitcoin and altcoins in the crypto ecosystem. However, as reported by Coingape on January 2, Jim Cramer labeled Bitcoin a technological marvel that is here to stay.
Impressive as this acknowledgment was, the digital currency ecosystem tumbled afterward with many attributing the slump to Cramer’s embrace of Bitcoin judging by the historical trends in this regard. Cramer’s endorsement of Bitcoin, however, is proof that the market is gradually attaining maturity with top critics being won over.
OpenAI to Launch ChatGPT Store
This week, OpenAI also made the headlines for many reasons including the adjustments of its terms of service in a bid to cushion the impacts of any regulatory fallout in the European Union (EU) and the proposed launch of the ChatGPT store to empower developers.
The ChatGPT store is customizable and will be launched in the coming week after a month-long delay owing to the leadership disruption in the company toward the end of last year.
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