Potential Approval of Spot Bitcoin ETF by SEC Set For January 2024

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Potential Approval of Spot Bitcoin ETF by SEC Set For January 2024

The potential approval of a spot Bitcoin ETF by the Securities and Exchange Commission (SEC) has been one of the driving forces of the current crypto bull run.

Since the rumored approval on October 21, the global crypto market has continued to experience bullish sentiment with the price of flagship cryptocurrency Bitcoin reaching as high as $39,000. Despite the news being verified as false, investors and experts remain positive of an eventual approval by the financial watchdog.

United States SEC sets decision window between January 5 and 10 2024

In a recent development, James Seyffart –  a Bloomberg analyst- confirmed that we could hear a decision from the SEC in January 2024. According to his post on X (formerly Twitter), Seyffart revealed that a window has been set for Jan 5th to Jan 10th.

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He added that any potential approval orders will likely come from Monday, January 8, to Wednesday, January 10, 2024.

At press time, there are more than 12 spot Bitcoin ETF applications waiting for the SEC to make decisions. Previously, the SEC had set a hard deadline of November 17 for a decision but broke past it without a word.

Seyffart concluded this after establishing that the deadlines for Hashdex and Franklin Templeton are between January 5 and 8, putting the window between January 5 and 10 open for all twelve spot BTC ETF submissions.

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An approval from the SEC will cause a major shift in the digital asset landscape and could propel the crypto industry to even greater heights. However, Seyffart also speculated that there is a 10% chance that the approval might not happen within the aforementioned timeframe.

He suggested that such delay can only happen if SEC’s chairman Gary Genseler goes “nuclear” or somehow convinces Ark Invest and 21 Shares to withdraw their filings.

Bitcoin price benefits from speculations

bitcoin price chart

Source: Coinstats

Meanwhile, the price of BTC has benefited from the spot Bitcoin ETF approval speculations as its price reached $39,000 on the Bitstamp exchange at 16:45 UTC.

At the time of writing, Bitcoin is selling at $38,769, representing a 2.62% rise in the last 24 hours. In addition, data from Coinstats show that BTC has a 24-hour trading volume of $30,217,452,498 ($30.2 billion) and a live market cap of $758,259,497,215 ($758. 2 billion).

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.