News - Bitcoin Spot ETF on January 10, 2024?

By Luc Vesters

Bitcoin Spot ETF on January 10, 2024?

The Bitcoin ETF is coming. According to some analysts even very soon. It should be ready by Jan. 10, 2024. So say James Seyffart and Eric Balchunas of Bloomberg on Twitter. They put the probability of approval by this date at 90 percent.

They assume all applications will be accepted at the same time so as not to favor anyone. Other voices are talking about approval in March 2024, according to Joe Carlasare, commercial litigator. A total of 12 applications for a Bitcoin spot ETF have been filed with the SEC, including one from BlackRock, the world's largest asset manager.

All have their deadline in March 2024, except one: from Ark Invest. This application must be approved or rejected by Jan. 10, 2024. So far, the SEC has repeatedly rejected all applications or asked for more time. The reason: the crypto market is being manipulated. A court ruled that Ark Invest's rejection was unlawful.

SEC Commissioner Hester Peirce said: "There is no reason for us to stand in the way of a spot Bitcoin ETF." She is considered a representative of the pro-crypto faction within the U.S. securities regulator. A spot Bitcoin ETF is expected to bring billions of U.S. dollars to the market and open the doors for institutional investors.

Many observers see this as a catalyst for the next bull market. According to some experts, the price of Bitcoin could rise to USD 60,000 a year after admission. Applications have also been made for spot ETFs for Ethereum.

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