Anticipation Grows for First U.S. Spot Bitcoin ETF Approval

The U.S. Securities and Exchange Commission (SEC) is expected to approve the country’s first spot Bitcoin Exchange-Traded Fund (ETF) this month, with 12 applications currently under consideration. Market participants are optimistic, but some are cautious, suggesting the approval might result in a “buy the rumor, sell the news” scenario.

Bitcoin has recently surged to $45,000, especially in the last quarter of 2023, but has since shown consolidation tendencies. Opinions are divided on whether the spot Bitcoin ETF approval will sustain Bitcoin’s rise or lead to a sell-off.

Experienced technical analyst Gert van Lagen anticipates that the approval of a spot Bitcoin ETF will mark a new phase for Bitcoin, potentially advancing the cryptocurrency‘s upward trend to its fourth stage. He advises investors to view the approval as a precursor to further developments rather than a trigger for a sell-off.

Lagen predicts that the first quarter of 2024 could witness one of the strongest rallies for cryptocurrencies and stocks to date. He also suggests that the upcoming Bitcoin block reward halving could act as a catalyst for a significant market movement.

The approval of a spot Bitcoin ETF is one of the most anticipated events in the crypto world for 2024. It is expected to increase market liquidity and foster a stronger trading environment for cryptocurrencies.

Goldman Sachs analysts, Mathew McDermott and Steven T. Larsen, anticipate an increase in institutional interest in cryptocurrencies this year, viewing the SEC’s potential approval positively. The launch of Goldman Sachs’ GS DAP, a platform designed for the efficient management of tokenized assets, marks a significant milestone in the digital asset sector and indicates growing acceptance of the commercial potential of tokenization.

You can follow our news on Telegram, Twitter ( X ) and Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.