The Bitcoin price has soared past the $47,100 mark, reaching levels not seen since April 2022. This surge is due to the positive sentiment in the cryptocurrency community, as all signs point towards an imminent approval of the highly anticipated Bitcoin Exchange-Traded Fund (ETF) applications.
Earlier today, several prominent players in the financial industry, including VanEck, Bitwise, Fidelity, Valkyrie, Franklin, Ark Invest, Grayscale, BlackRock, WisdomTree, and Invesco Galaxy, submitted their final registration of securities amendments for a Spot Bitcoin ETF. This development has further fueled the bullish Bitcoin price action.
James Seyffart, an ETF expert at Bloomberg, revealed that the 19b-4 filings were pouring onto the SEC website. This influx of filings indicates that the SEC is expediting its review for this week. The timeframe of January 8th to 10th has been closely watched by industry observers, and the accelerated pace of the SEC’s actions during this period adds to the anticipation surrounding the Bitcoin ETF approval.
As the Bitcoin price continues its upward trajectory, British multinational bank Standard Chartered has made a significant statement. The bank believes that ETF approval will serve as a pivotal catalyst for Bitcoin’s price surge, heralding a transformative moment for institutional participation in the cryptocurrency.
Standard Chartered expects this approval to drive substantial inflows and contribute to significant price gains for Bitcoin. The bank views the approval of Bitcoin ETFs as a watershed moment in normalizing institutional investment in Bitcoin. With regulatory clearance for ETFs, institutional money is expected to pour into the cryptocurrency market, further validating Bitcoin as an asset class.
Standard Chartered predicts that the price gains resulting from the approval of spot Bitcoin ETFs in the United States will be of a similar magnitude as witnessed previously. However, the bank anticipates these gains to materialize over a shorter period of one to two years, considering the accelerated development of the Bitcoin ETF market. In line with their end-2024 projection of Bitcoin reaching $10,000, Standard Chartered expects the approval of ETFs to drive inflows that could potentially elevate the price to around $20,000 by the end of 2025.
Bitcoin has reached the $47,100 mark, up a staggering 6.5% in the last 24 hours alone, coupled with an 8.7% increase in the last seven days.
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| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 🇬🇧 |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | James Seyffart |
| Companies | Bitwise, BlackRock, Standard Chartered, WisdomTree, Bloomberg, U.S. Securities and Exchange Commission, Valkyrie, Grayscale, Invesco Galaxy, Franklin, Fidelity, Ark Invest, VanEck |
| Currencies | Bitcoin |
| Securities | None |
