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Cantor Analysts Predict Imminent Approval of Bitcoin ETF, Boosting Crypto Market Confidence

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“Cantor Analysts foresee a groundbreaking future as they confidently predict the upcoming launch of a Bitcoin ETF, revolutionizing the traditional investment landscape.”

Cantor Fitzgerald, a financial institution, is the latest to predict the approval of a spot Bitcoin ETF by the SEC. Analysts from Cantor believe that the recent legal victory of Grayscale against the SEC will play a significant role in the approval of a Bitcoin ETF. The DC Circuit court ruling in August criticized the SEC for rejecting Grayscale’s spot ETF application without sufficient cause.

Cantor analysts also highlight the importance of a comprehensive surveillance-sharing agreement in gaining the SEC’s approval. They mention BlackRock’s spot ETF application, which includes a surveillance-sharing agreement with Coinbase, as an example.

The bullish sentiment towards a spot Bitcoin ETF approval is not limited to Cantor Fitzgerald. A JPMorgan report suggests that the approval is imminent and that the SEC might green light multiple applications simultaneously to eliminate any first-mover advantage. The report points to January 10, 2024, as a significant date, as it is the final deadline for ARK Invest’s application, and an approval could come shortly before it.

Cathie Wood of ARK Invest also reveals an improvement in the SEC’s attitude towards issuers, indicating a more positive outlook for Bitcoin ETF approval. This sentiment is further supported by the fact that many issuers have re-filed their applications in recent weeks, signaling meaningful conversations between them and the SEC.

The potential approval of a Bitcoin ETF has already had an impact on the price of Bitcoin, with a 25% surge in the past week. Experts believe that the market is anticipating the ETF approval. Other factors contributing to Bitcoin’s price surge include the upcoming Bitcoin halving and the end of the Federal Reserve’s hawkish monetary policy.

Various experts have different price predictions for Bitcoin. Michael van de Poppe of MN Trading believes that Bitcoin could reach the $45k – $50k range even before the halving. On the other hand, traders like @JohalMiles are even more bullish, expecting Bitcoin to reach a new all-time high before the halving.

The positive market sentiment towards Bitcoin is also reflected in BTC’s trading above its 200-week Moving Average and its bull market support band. BTC dominance is also making new local highs, indicating a potentially ongoing bull market.

In addition to the positive outlook for Bitcoin, a new cryptocurrency called Bitcoin Minetrix is gaining traction in its ICO. The project aims to make Bitcoin mining more accessible to retail investors through its decentralized cloud mining platform. Investors can purchase Bitcoin Minetrix (BTCMTX) tokens and stake them to earn mining credits, which can be exchanged for cloud mining time or a percentage of the yield. This decentralized approach eliminates concerns about scams and centralization risks associated with other cloud mining platforms. The presale of BTCMTX tokens has already raised over $2.6 million and is approaching the $3 million milestone.

Overall, the potential approval of a spot Bitcoin ETF and the growing profitability of Bitcoin mining are contributing to the positive sentiment and price surge of Bitcoin. Retail investors now have an opportunity to participate in Bitcoin mining through projects like Bitcoin Minetrix.

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