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Peter Davis

An writer at FOMOdrive

  • Dec 07, 2023
  • 3 min read

Reuters: SEC in final stages before approving Bitcoin ETF

After the beginning of the week, Bitcoin is experiencing a correction.

It is possible that BTC could experience a significant increase in value during this bull market.

It is predicted that Bitcoin could reach a range of $50,000-53,000 by the beginning of 2024.

The International Organization of Securities and Governance (IOSG) has predicted that Bitcoin (BTC) is nearing the midpoint of its bull market.

Beginning in 2024, Google will permit the promotion of cryptocurrency exchange-traded funds (ETFs) through its advertising platform.

K33 Research believes that the recovery of Bitcoin (BTC) to its historical highs in this bullish cycle could be much faster than in previous cycles. This is due to the significant institutional demand for Bitcoin accumulation that the market is currently displaying, in anticipation of the expected launch of an Exchange Traded Fund (ETF) in January. On the other hand, data on traffic to crypto exchange websites suggests that there is low interest from retail investors.

CryptoQuant predicts that Bitcoin could reach the $50,000-$53,000 range in early 2024, however, the market is currently entering an "overheated bullish phase" which is usually followed by pauses and corrections.

According to IOSG, Bitcoin is in the midst of its sixth bull market. On average, these bull markets last 604 days (with a median of 571 days). If the past is any indication, investors should expect to experience at least ten more corrections before reaching the all-time high (ATH).

The US Securities and Exchange Commission (SEC) declared that they will not be able to evaluate Grayscale's request to introduce spot ETFs on Ethereum until the end of 2023 and will revisit the matter in the first quarter of 2024.

Discussions between the SEC and asset managers who have requested to launch a Bitcoin ETF have progressed to the point of discussing technical details, Reuters reported. Sources from the agency have stated that these types of issues are usually discussed at the last stage before the product is approved.

Antoni Trenchev, co-founder of crypto lender Nexo, does not think that the American authorities will necessarily approve a Bitcoin ETF. He also does not think that the introduction of these exchange-traded funds will necessarily result in an increase in the value of BTC.

US regulators are expected to approve spot ETFs for Bitcoin and Ethereum, and Google has announced that it will be allowing advertising of cryptocurrency ETFs as soon as 2024.

The US House of Representatives Committee on Energy and Commerce has unanimously approved a bill that will encourage the federal government to promote the use of blockchain technology.

At a meeting with US lawmakers, JPMorgan CEO Jamie Dimon urged the US government to "shut down" Bitcoin in order to prevent its use by criminals. Dimon also advocated for increased government regulation of stablecoins.

Anatoly Legkodymov, the co-founder of the Hong Kong-registered Bitzlato platform, has pleaded guilty to laundering $700 million through cryptocurrencies, according to the prosecutor's office in the eastern district of New York. It is reported that Bitzlato was used as the main channel for darknet traders and ransomware operators.

A bill has been proposed in New Jersey, USA, that would classify digital assets sold to institutional investors as securities in the state.

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