BTC Blasts Past $47K as Bitcoin ETF Excitement Gets Feverish
Bitcoin could rally 10%-15% more in case the SEC approves spot bitcoin ETFs, LMAX strategist Joel Kruger noted.
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Bitcoin could rally 10%-15% more in case the SEC approves spot bitcoin ETFs, LMAX strategist Joel Kruger noted.
Reports swirled that the SEC was giving final comments to issuers and may approve multiple spot-based bitcoin ETF applications very soon.
Market makers, like trading firm DRW, have been preparing for months to be able to provide the necessary liquidity to ensure sufficient liquidity should the SEC approve bitcoin exchange-traded funds in the U.S.
Bitcoin cratered almost 10% below $41,000 early Wednesday around the time Matrixport’s report about warning of a spot BTC ETF decline, but it was more likely due to a leverage flush as the market overheated, a K33 analyst said in an interview.
BlackRock will use J.P. Morgan and Jane Street as their authorized participants. Valkyrie has also named Jane Street in addition to Cantor Fitzgerald.
The statement from the SFC and HKMA comes as expectations mount the U.S. SEC is on the verge of approving a spot bitcoin ETF.
What to watch for in 2024, according to market analysts.
A large increase in demand coupled with lower supply should set the stage for higher prices in 2024, he told Bloomberg.
The race to provide a key bit of infrastructure for bitcoin [BTC] ETFs – custody services – hasn’t actually been much of a race so far. Crypto exchange Coinbase has dominated so far, winning the job from the majority of applications from the likes of BlackRock, WisdomTree and Valkyrie.
Pro-market digital assets regulation and growing interest from large institutions are among the factors of the success so far, said Hashdex’s CEO.