Members of the Bitcoin community, or “Bitcoiners,” have long sought a respectable position for their tokens. Anticipations centre on January 2024, when the SEC may approve every application for the Spot Bitcoin ETF. When it comes to exchanging Bitcoin on the board, that will provide traders and institutional traders with a proper investment framework.
Mike Novogratz, the CEO of Galaxy Digital, is one of the well-known figures that has expressed support for the Spot Bitcoin ETF. He thinks that all applications, including the one that Grayscale filed, might be approved as early as January 10, 2024.
The anticipated window for approval, according to several analysts and experts, is January 5, 2024–January 10, 2024. According to Mike, Gary Gensler receives the deadline before to running afoul of Grayscale. The Federal Reserve’s emphasis on inflation and the raise in interest rates are two elements that bolster Mike’s argument.
This season, the Federal Reserve has hiked interest rates a lot, but there has been a suggestion that it may have done so. The next development might be in favour of lowering or maintaining the rates. Regardless of the outcome, it will probably pave the way for the approval of ETFs.
The crypto market is performing as it should, with Bitcoin leading the push out of the winter season, according to the constant stream of pronouncements from industry experts.
Bitcoin is now trading at $42,929.99, well over its resistance level of $38,000. That represents a decrease of 0.24% during the last 23 hours but an increase of 4.42% over the previous 7 days. Similarly, at the moment that the article is being written, ETH is trading at $2,213.50, exceeding the widely recognised threshold of $2,200.
Because of the constant stream of statements from prominent figures in the sector, tokens are less affected by a decline in value. They are mainly in favour of the Spot Bitcoin ETF’s approval, tentatively scheduled for January 10, 2024. It goes without saying that the SEC may reject an application. This would turn all attention to the halving of Bitcoin in the hopes that prices would rise by mid-2024.
Michael J. Saylor is another well-known figure who has expressed support for the approval of the Spot Bitcoin ETF. He is the CEO of MicroStrategy and has reaffirmed the importance of holding Bitcoin in the future. In fact, he has stated that Bitcoin will advance in the upcoming year, regardless of what happens
That means that while the rate of growth may be unpredictable and influenced by a number of variables, Bitcoin will undoubtedly increase, emerge from its shell, and surpass the ATH of about $65,000 at some point. Numerous projections suggest that Bitcoin might reach as high as $100k by 2024.
