Crypto News – Recent predictions indicate that the SEC may soon approve the first Bitcoin ETFs to trade on US markets. The prevailing belief, which has been around for a while, is that it might approve en bloc any applications that meet the necessary criteria.
Bloomberg Senior Analyst Balchunas Mentioned Optimistic Forecasts for Bitcoin ETFs
There is a 75% likelihood that the SEC will accept them, but more crucially, they are expected to be approved before the end of 2023, according to Bloomberg Senior Analyst Eric Balchunas. He was responding to a tweet from a reporter for Bitcoin Magazine who noted that the SEC might already have made a decision by the end of this week.
In fact, the agency has until Friday to make a decision on Grayscale’s application, but it is expected to follow past practice and wait until it is given the green light. Balchunas retorted that the SEC had never made such requests before, which were simply denied, and that this time the SEC is actively involving issuers by asking them for currents.
They view a rejection as improbable as a result. He continued, saying that they anticipate approval to be likely at 75% by the end of the year and that if there are no rejections before January, this proportion would rise.
Conclusion
Bear in mind, though, that forecasts of this nature have been made in the past. Actually, it’s conceivable that the markets are already betting on a potential approval by January 10, 2024. In this instance, it can even be said to be somewhat priced in.
To put it another way, it even seems possible that by the time the official news is revealed, its impact on the cryptocurrency markets may end up being small or, at the very least, insignificant. Only if spot Bitcoin ETFs are successful in the traditional financial markets will there be real, significant, and long-lasting repercussions, and this is still entirely unknown at this time.
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