Bitcoin & The Crypto Market Surge On News of Bitcoin Spot ETF Approval
Bitcoin and the wider crypto market is surging today as the SEC enters one last short window of opportunity to approve 12 spot Bitcoin ETF applications this year.
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Today , Bitcoin is already up 6.48% and Solana is up 13.87% on the news that a spot Bitcoin ETF approval is potentially imminent.
Bloomberg analysts expect the SEC to allow approval so all 12 applications can launch their products.
The comment period for 7 of the 12 applications starts today through to November 17th.
This is the first approval window after Grayscale’s court victory on Oct. 23 to convert its roughly $17 billion Grayscale Bitcoin Trust (GBTC) into a spot ETF.
Three applicants, Hashdex, Franklin and Global X, may have their own comment periods, the note said, so if the SEC is willing to disregard those applications for now, they could issue approvals for the first nine filings, which include BlackRock, Grayscale, 21Shares & Ark, Bitwise, VanEck, Wisdomtree, Invesco & Galaxy, Fidelity and Valkyrie.
The analysts believe that even if the SEC delays its decision, there's still a 90% chance that at least one spot Bitcoin ETF gets approved by January 10th.
The reason why these spot Bitcoin ETF applications are making waves is because if approved, billions of dollars of money will flow into Bitcoin and the wider crypto market which will send Bitcoin and the wider crypto market surging in value.
The news of a successful approval of even just one of these applications could send Bitcoin surging towards it's old record high price and with it, the wider crypto market.
This is why Bitcoin and the wider crypto market is surging because investors are making a bet that one of these applications will soon be approved and hence, money is flowing into crypto.
One thing is for certain, the crypto space is starting to hot up and we may have already seen the start of the crypto bull market.
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