Bloomberg Analysts Raise Spot Bitcoin ETF Odds To 75%

Also Read: US DOJ Digs for Answers in Sam Bankman-Fried’s Defense

advertisement

Spot Bitcoin ETF Approval Chances Rise

In a significant development, two Bloomberg analysts Eric Balchunas and James Seyffart revealed the improved chances of approval for the spot ETF in the United States. This comes after the US Court ruling on August 29, 2023, granting the Grayscale motion to convert the company’s Bitcoin Trust (GBTC) into a spot Bitcoin ETF. Earlier, Balchunas stated that the chances of spot ETF approval now reached 75% in 2023, which means the odds are more for the nod than not. He tweeted:

“James Seyffart and I are upping our odds to 75% of spot Bitcoin ETFs launching this year (95% by end of ’24). While we factored Grayscale win into our prev 65% odds, the unanimity & decisiveness of ruling was beyond expectations and leaves SEC w “very little wiggle room.”

Further, the analyst left little room for the ETF approval to drag into the later stages of the year 2024. Hence, the new developments could most likely fall just in time for a massive Bitcoin BTC price rally before the crucial Bitcoin Halving event in the second quarter of 2024. The analysts further said that the US SEC could likely fall short of justifying more and more denials of the spot ETF applications. “The agency will struggle to justify further denials as it faces deadlines,” Balchunas added.

Recommended Articles
ethereum price crypto news
Crypto Presale Projects For 2023 To Invest; Updated List
Must Read
crypto exchange affiliate programs
Best Crypto Trading Bots List 2023
Must Read
ethereum price crypto news
Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated]
Must Read
ethereum price crypto news
Crypto Telegram Channels List 2023 [Updated]
Must Read
ethereum price crypto news
Top 10 Web3 Games To Explore In 2023; Here List
Must Read

Grayscale Win Accelerates Bitcoin ETF Race

On the other side, big financial institutions of the likes of Blackrock and Fidelity are vying for obtaining the first ever spot BTC ETF from the federal regulatory agency. Following the Grayscale victory in the lawsuit, the crypto community is unanimously bullish of a higher chance of the ETF approval soon.

Also Read: Terra Luna Classic L1TF All Set For v2.2.0 Core Upgrade, LUNC Price Jumps 5%

Comments

Post a Comment

Popular posts from this blog

Bitcoin Cash Price Prediction for Today, February 11 – BCH Technical Analysis

Image
The Bitcoin Cash price prediction adds a tremendous 7.35% gain, and the coin touches the resistance level of $277.46. Bitcoin Cash (BCH) Trades Bullishly After Facing Challenges Bitcoin Cash (BCH) has encountered difficulties in upholding its price consistency, fluctuating within the $234 to $235 range throughout the past week, experiencing a modest uptick of 0.2%. Nevertheless, Bitcoin Cash (BCH) is showing signs of relief, maintaining a range between $246 and $277 respectively. Bitcoin Cash Prediction Statistics Data: Bitcoin Cash price now – $266.0 Bitcoin Cash market cap – $5.28 billion Bitcoin Cash circulating supply – 19.6 million Bitcoin Cash total supply – 19.6 million Bitcoin Cash Coinmarketcap ranking – #20 BCH/USD Market Key Levels: Resistance levels: $300, $320, $340 Support levels: $220, $200, $180 BCHUSD – Daily Chart BCH/USD is fetching a decent hike in the last 24 hours, which takes the coin toward the resistance level of $280 level. The Bitcoin Cash pri
Read more

C+Charge Carbon Credit Crypto Project Approved by Leading Auditing Firm – Raises $360,000 in Presale

Image
Source: SolidProof Disclaimer: The Industry Talk section Features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com. C+Charge has passed a security audit conducted by Germany-based blockchain auditor SolidProof, which examined its core smart contracts and found no issues at all. Its publication comes just as the BNB Chain-based carbon credit platform marks raising $370,000 in its ongoing token sale, indicating the growing market interest in its plans to create a blockchain-based network of EV-charging stations. Offering CCHG at a price of $0.013, the presale aims to raise $2,080,000 and is due to end on March 31, when the altcoin will receive its first exchange listings. This will also potentially be the time when early CCHG investors make a market-beating profit, with C+Charge having some of the strongest fundamentals of any new project in the ecosystem. C+Charge Carbon Credit Crypto Project Approved by Leading Auditi
Read more

Bitcoin 5-Week Bullish Streak Falters; Can CPI Data Perform Wonders?

Bitcoin saw a notable five-week surge, lifting its value by nearly 40%, only to face a bearish downturn and consolidate around $36k. The excitement surrounding a potential spot ETF diminishes as Bitcoin fails to surpass $37k. Investors now focus on the upcoming CPI data release as a crucial market influencer. Following a robust five-week ascent, propelling its value by nearly 40%, Bitcoin (BTC) has encountered a period of consolidation in the $37,000 range. The digital asset appears unable to sustain the bullish rally, with its price now around $36,000 after largely bearish trading in the past 24 hours. With the excitement surrounding the potential approval of a Bitcoin spot ETF dwindling, investors may shift their focus to Tuesday’s Consumer Price Index (CPI) as a potential catalyst for renewed bullish momentum. Specifically, the U.S. Bureau of Labor Statistics (BLS) is expected to release the CPI data today at 08:00 a.m. local time. Financial experts an
Read more