According to Bloomberg experts, there is a 90% likelihood that the Spot Bitcoin ETF will be approved by January 10, 2024. Exchange Traded Funds are referred to as ETFs, and the statement is based on 21Shares and ARK’s most recent updates. According to reports, their application for the same product is circulating around the media, opening the door for conjecture about acceptance.
If the Spot Bitcoin ETF is approved, it will represent widespread acknowledgment from regulatory bodies. Additionally, it will serve as a valid stimulus for the widespread acceptance of Bitcoin as an investment good. As of right now, both companies are interested in having a productive engagement with the US Securities and Exchange Commission, or SEC.
Invesco and BlackRock are two additional businesses that want to introduce a comparable product. The global prestige of Bitcoin is anticipated to increase as a result of such an ETF product. The majority of folks who have been considering Bitcoin as an investment option will benefit from it. The ETF’s clearance also renders it a simple process free of complications or security risks.
The trading price of BTC reflects the impact of this change. The last time the token changed hands, it cost $27,726.80. BTC has been struggling to hold the resistance level, much alone cross the eagerly awaited $30k threshold. The 1.99% increase over the past 24 hours might only be momentary. Therefore, the length of time that Bitcoin maintains its gain is under close scrutiny.
The rumour that the US government is holding about $5 billion in Bitcoin is another element driving up the trading price of BTC and approval speculation. The Wall Street Journal reported the news, claiming that the stocks were discovered during a targeted crackdown on cybercrime and darknet operations.