Voices are coming out from several quarters that the U.S. Securities and Exchange Commission (SEC) stands a chance to notify spot Bitcoin ETF applicants on the approval as early as Friday, January 5, 2024. While the expected timeline of approval and permitted date for launching the ETF trading may be uncertain currently, the general consensus among traders and investors is in favor of the spot ETF approval before January 10, 2024.

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Early Bitcoin ETF Approval

According to Mario Nawfal on X platform, multiple sources hint at the possibility of an early approval for multiple Bitcoin Spot ETF applications as early as January 5, 2024. In addition, reports from Fox Business and hints from Bloomberg Intelligence analysts suggest that there are chances that the ETF approval may comes as soon as within this week. However, the larger sentiment is in favor of a certain Bitcoin ETF approval before the January 20, 2024 deadline.

Importantly, January 10 stands to be the date by which the US SEC can give a decision on the ARK 21Shares Bitcoin ETF application. In line with this, the SEC officials held a series of meetings with several ETF filers. The likes of Blackrock and Grayscale have held at least 4 such meetings each with the officials on the spot ETF filings. Cathie Wood, the chief executive officer of Ark Invest, shared later that the deliberations with the Commission were very encouraging and expressed confidence around an approval in January 2024.

Trading of ETFs A Matter Of Days?

Bloomberg analyst James Seyffart said earlier that there could be a gap in days and not weeks between the date of ETF approval and the actual trading commencement. However, he stuck with the previous prediction that the approval could come between January 8-10. “I think the SEC could begin signaling to issuers to expect approvals though I am still expecting official approvals Jan 8 – 10,” he added. The analyst has long been arguing that the US SEC would announce all the ETF approvals at once to avoid giving first mover advantage to any filer.

If the Bitcoin ETF trading begins within a matter of days, roughly in February or March 2024, the market sentiment around Bitcoin (BTC) Price could be well places for an extended bullish wave ahead of the Bitcoin Halving event scheduled for the second quarter of this year. The Halving is closing in on the 100 day countdown, considering April 19, 2024 as the tentative date for the Bitcoin block rewards split.

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The post Bitcoin ETF: How Likely Is US SEC To Give Early Approval? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am