Bitcoin‘s price remains above $44,200 as Asian markets open, with positive sentiment likely to increase due to anticipated ETF approval within 48 hours, as suggested by various reports citing insider sources. However, the focus is shifting to upcoming events that could influence the cryptocurrency market.
In the next few days, Bitcoin may fade from the spotlight, with attention turning to three key developments: the decisions on Spot ETH ETFs, the Bitcoin block reward halving occurring in 99 days, and the potential for the first Federal Reserve interest rate cut in March, which is currently an optimistic market expectation.
The halving is seen as a bullish trigger for the market, and if Friday’s employment data is positive, it could further fuel expectations for an interest rate cut, supporting a market uptrend.
According to Bloomberg ETF analyst James Seyffart, the U.S. securities regulator’s approval of Ethereum futures ETFs last year indirectly recognized Ether as a commodity, implying that the approval of a BTC ETF could lead to continued market activity.
Seyffart, speaking at a CryptoQuant webinar, referenced the approval of Ethereum futures ETFs in October 2023 and hinted at positive developments for Ethereum investors. He mentioned the SEC’s concerns about Ethereum’s Proof of Stake transition potentially creating conflicts of interest and risks for investors. The SEC is due to decide on Spot Ethereum ETF applications from VanEck, ARK 21Shares, and Hashdex in May, shortly after the halving, indicating a potentially significant period for the crypto market.