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Expectations Rise for Spot Bitcoin ETFs: BTC Price Rally Returns!

  • According to a Bloomberg report, the BTC price made a jump of over 2% today, trading around $43,000 and balancing Tuesday’s loss.
  • As reported by COINOTAG, MicroStrategy bought an additional 14,620 BTC, bringing the company’s total BTC holdings to 189,150 BTC, approximately $5.9 billion.
  • According to Nic Carter, co-founder of Castle Island Management, the crypto market is “almost certain” that spot Bitcoin ETFs will receive SEC approval before January 10.

Bitcoin (BTC) gains strength in anticipation of potential approval for spot Bitcoin exchange-traded funds (ETFs) from SEC: BTC reclaims $43,000.

Expectations for Spot Bitcoin ETFs

bitcoin-btc

Bitcoin (BTC) made a strong comeback on Wednesday with expectations of potential approval for a spot Bitcoin exchange-traded fund (ETF) from the U.S. Securities and Exchange Commission (SEC). According to a Bloomberg report, the BTC price made a jump of over 2% today, trading around $43,000 and balancing Tuesday’s loss.

Other major tokens like Ethereum (ETH), Solana (SOL), and XRP also saw growth. Bitcoin Cash, a cryptocurrency built on the same blockchain as BTC, recorded nearly a 14% increase, achieving double-digit gains with renewed investor interest. As reported by COINOTAG, MicroStrategy bought an additional 14,620 BTC, bringing the company’s total BTC holdings to 189,150 BTC, approximately $5.9 billion.

Crypto asset manager Grayscale Investments filed a regulated S-3 document with the U.S. securities regulator on Tuesday after the CEO of its parent company, Digital Currency Group, Barry Silbert, stepped down. Silbert’s departure sparked speculation in the crypto market that Grayscale’s request to convert the Grayscale Bitcoin Cash Trust (GBTC) into a spot Bitcoin ETF might finally materialize.

The development comes after the SEC, following its guidance to ETF hopefuls to make final changes to their applications by December 29, with the spot Bitcoin ETF approval decision expected by January 10. According to Bloomberg data, GBTC’s trading volume increased by 18% on Tuesday, reaching seven times the six-month daily average.

One of the key impasses in the ongoing debate on spot Bitcoin ETFs is whether regulatory approval for such a product will be profitable and attract more investors to the crypto space. According to Nic Carter, co-founder of Castle Island Management, the crypto market is “almost certain” that spot Bitcoin ETFs will receive SEC approval before January 10. He also hinted at the possibility of a short-term “news sell-off event.”

Is BTC Heading to $50,000?

In particular, the Bitcoin price has risen by over 154% since the beginning of the year and was trading at $42,889 at the time of writing. Last week, BTC was observed trading in the range of $42,000 to $44,000. A leading crypto analyst stated on X platform that BTC could break its upper resistance level and reach $47,000 to $50,000.

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Celal Mutlu
Celal Mutluhttps://coinotag.com/
Celal Mutlu is a young Satoshi reflection at the age of 21. His favorite characters are CZ and Vitalik, and he has a great sense of humor. Celal is a keen follower of developments in the world of cryptocurrency and keeps up with the latest news and trends.
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