Bitcoin‘s price has surprised analysts expecting a major correction by rising to new highs in 2023, leading to exciting developments for investors. In the last few hours, we have shared two major signals that an ETF approval is imminent.
Two different articles published recently indicated signs that an ETF approval is near. The first sign was the SEC’s education unit resharing warnings about the futures ETF approval. Before granting approval for a futures ETF at the end of 2021, the SEC was sharing warnings about the risks associated with cryptocurrencies.
The second point was that Grayscale did not apply to convert its GBTC to an ETF. After a court victory and negotiations with the SEC, Grayscale did not make this move. Ongoing discussions and file updates indicate that Grayscale may receive its first approval before January 10th.
The third significant point was the recent report of the SEC’s meeting with Fidelity, where details of the ETF issuance process (creation, redemption, etc.) were discussed. Furthermore, ETF filings have been updated over weeks as a result of meetings with the SEC.
In conclusion, the price of cryptocurrencies, and especially Bitcoin, is rising due to these reasons.
