If approved, the Bitcoin ETF is poised to revolutionize the accessibility of the crypto market for investors, offering a simplified avenue to invest in BTC without grappling with the intricacies of managing digital assets on crypto exchanges.
Bitcoin (BTC) price rallied to this year’s high of about $35k during the early Asian market amid speculation of spot ETF approval in the United States leading to high short positions being liquidated.
Many people across the globe are surfing the internet to understand the implications of the Bitcoin spot ETF approval and how they can maximize the benefits.
To underscore the bullish sentiments, the performance of Bitcoin forks reflects the same optimism among investors.
A federal court may formalize the ruling on Grayscale’s ETF today, officially vacating the SEC’s refusal to convert the GBTC.
Matrixport’s analysis suggests that if Tether’s (USDT) market cap increases by $24 billion, acting as a proxy for potential ETF inflows, Bitcoin’s price could rise to $42,000, representing a conservative estimate.
The SEC chair said that the Commission has a lot of applications to review for spot Bitcoin ETFs. Mike Novogratz expects a spot Bitcoin ETF coming by the year end.
Novogratz thinks the Fidelity Investments victory against the SEC puts the Commission in a corner where a Bitcoin ETF approval is inevitable.
Bitcoin is enjoying price spikes and increased trading volumes as Fidelity and others amend proposals while the market awaits an approval.
It says that if the firms that have applied to list spot Bitcoin ETFs would only commit 1% of their Assets Under Management (AUM), then approximately $155 billion would flow into the Bitcoin market.
Larry Fink’s comment reveals BlackRock’s strong interest in crypto following the company’s application for a spot Bitcoin ETF.
While experts forecast the US SEC will approve a spot Bitcoin ETF within the next six months, the BlackRock’s officials confirmed that it has not received a green light on its application.
The progress on the Grayscale conversion front offers a welcome degree of clarity to the ETF approval process, which had been somewhat murky.
One notable adjustment pertained to the Net Asset Value (NAV) calculations, which ARK Invest acknowledged were not aligned with Generally Accepted Accounting Principles (GAAP), the accounting standard endorsed by the SEC.
Hayes based his bullish prediction on several key factors. He pointed to the potential economic downturn and financial crisis, which could lead to near-zero interest rates, creating favorable conditions for Bitcoin’s growth.