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US SEC is expected to greenlight the first spot Bitcoin ETF this week, opening the door for a possible $10 billion inflow in 2024.
It is believed that the approval of a spot BTC ETF could potentially drain the entire circulating supply of the crypto asset but some analysts in the industry have opposite opinions.
Insiders familiar with the proceedings indicate that the SEC may begin notifying issuers of approval starting Friday, paving the way for potential trading to commence as early as the following week.
Goldman Sachs’ Head of Digital Assets Mathew McDermott has emphasized the potential impact of approving spot Bitcoin and Ether ETFs on the cryptocurrency market.
Fidelity Investments filed form S-1 with the US SEC on December 29, 2023, to offer the Fidelity Wise Origin Bitcoin Fund shares via Cboe BZX Exchange.
Today Bitcoin is widely accepted in the United States, the United Kingdom, Asia-Pacific nations such as Hong Kong, Singapore, Thailand, the Middle East, and some European markets.
The US SEC would still need time to review all the changes made to the Bitcoin ETF S-1 filings submitted last week, only after which it could make certain decisions.
While crypto ended 2023 on a positive note, we look forward to the sector in 2024 and beyond, with the following predictions.
It was a controversial year for the crypto indutrsy. Let’s have a closer look at the major crypto-related events that too place in 2023.
Marathon Digital and Riot Platforms, sensing the potential for increased demand, have made strategic moves to fortify their positions in the market.
2024 could be a slower year for the business landscape in the US economy, however, many economists are positive that the US recession could be thwarted with a soft landing.
Bitcoin holds the losses at $42,000 as investors await the approval of spot Bitcoin ETF which is around the corner. The level of interest in Bitcoin post the ETF approval remains uncertain.
In 2023, the Bitcoin hashrate has surged by a staggering 130% which shows growing competition and reduced profitability for miners.
The Bureau of Economic Analysis reported that GDP increased at a 4.9% annualized rate in Q3, slightly below the previously reported 5.2% pace.
The overall crypto market cap was close the $1.7 trillion mark on Wednesday, signaling that more money might be flowing into the crypto industry.