Bitcoin (BTC), the largest cryptocurrency by market value, is currently trading around $43,400. The cryptocurrency has entered an uptrend as signals that could trigger Fear of Missing Out (FOMO) are becoming more frequent. A recent indication suggests that the market is not overreacting to these signs, hinting at a possible further increase in value.
Michael Novogratz, CEO of Galaxy Digital, recently posted a belated New Year’s message. The content of his message, along with the accompanying image, suggests that the approval of a Bitcoin Exchange-Traded Fund (ETF) is imminent. This has been supported by the fact that many potential ETF issuers have started advertising Bitcoin, and Reuters reported last week that the SEC could greenlight issuers within the next 48 hours.
In his post, Novogratz wrote, “Happy New Year! Big things are coming.” This statement is interpreted as a hint towards the approval of ETFs and the possibility of multiple approvals. ETF issuers had over 30 meetings with the SEC in December, indicating they might have information not available to the general public.
The mention of big things likely refers to the ETF approval, and the post also highlighted a partnership between Invesco and Galaxy, which may pertain to their joint ETF application. Authorized Participant (AP) agreements have been included in ETF filings before the year’s end, and now it’s just a matter of waiting for the SEC’s official approval.
With the anticipation of ETF approvals and other similar announcements, BTC’s value could rise in the coming hours. The market is closely watching for these developments, which could significantly impact the cryptocurrency’s price trajectory.
As the crypto community awaits regulatory decisions, the sentiment is bullish, and the market is poised for potential growth, with Bitcoin at the center of this excitement. This could be a pivotal moment for the cryptocurrency, as institutional acceptance through ETFs would mark a significant milestone.
