Market News

Bitcoin’s Price Soars as Spot ETF Approval Becomes the Game-Changing Catalyst

Approval, Bitcoins, Catalyst, ETF, GameChanging, Price, Soars, Spot

“Bitcoin Spot ETF Approval: A Potential Game-Changer Fueling Bitcoin’s Price Surge in the Short-Term”

The Bitcoin price has been experiencing a significant surge in recent weeks, largely due to speculation surrounding the potential approval of a Bitcoin spot ETF in the United States. Cantor Fitzgerald, a well-known investment and brokerage firm, has shared its thoughts on the possibility and the potential impact of a Bitcoin spot ETF.

According to a Bloomberg report, research analysts at Cantor Fitzgerald, Josh Siegler and Will Carlson, are increasingly confident that the SEC will approve the highly-anticipated Bitcoin spot ETF. They believe that the SEC, which has been hesitant to approve such an investment product, is now more likely to give the green light to the modified and newly filed applications.

The analysts pointed out that a comprehensive surveillance-sharing agreement with a regulated market of significant size might sway the SEC’s decision. Interestingly, all the pending spot ETF filings now include such an agreement to detect and address market irregularities.

Additionally, Cantor’s analysts referenced the recent ruling in favor of Grayscale, overturning the SEC’s rejection of the asset manager’s proposal to convert its Bitcoin trust into an ETF. This ruling highlights the similarities between Bitcoin futures ETFs and spot offerings, which the SEC failed to explain in its rejection.

Siegler and Carlson believe that a Bitcoin spot ETF approval is the most important short-term catalyst for Bitcoin’s price. They cited the latest price rally, triggered by an erroneous headline about BlackRock’s ETF approval, as evidence of the ETF’s potential impact.

The approval of a spot Bitcoin ETF in the US would be a significant moment for Bitcoin’s long-term adoption and legitimization, according to the Cantor Fitzgerald analysts.

In terms of the Bitcoin price, it is currently trading at $34,104, with a slight 0.2% increase in the past 24 hours. While it has been moving mostly sideways since failing to close above $35,000 earlier this week, Bitcoin has still maintained a significant portion of its weekly profit. It has gained 13.2% in the past seven days and nearly 27% in the past two weeks.

Overall, the potential approval of a Bitcoin spot ETF in the US has generated optimism and speculation in the cryptocurrency market. Many experts, including Cantor Fitzgerald, believe that this approval could have a significant impact on Bitcoin’s price and long-term adoption.

Leave a Comment