Aaryamann Shrivastava
FXStreet
- Bitcoin price is currently hinging on the news of spot BTC ETF approval, which is expected on January 10.
- The SEC stated that the applicants have until December 29 to update their filings.
- During a recent meeting with prospective issuers, the SEC confirmed that missing the deadline would result in missing the first wave of approved ETFs.
In 2024, the crypto market is going to be dancing to the tune of the response to the spot Bitcoin ETF approval. The January 10 deadline will either act as a bullish catalyst to Bitcoin price and other crypto assets or result in an unprecedented crash. However, who will command this price action will depend on who makes the cut before the new year.
Spot Bitcoin ETF gets new deadline
The Securities and Exchange Commission (SEC) recently held a meeting with representatives of seven of the 12 spot Bitcoin exchange-traded funds (ETFs) applicants. During this meeting, the regulatory body notified at least two of the seven issuers to submit the updated filings before the end of 2023.
The SEC stated that the companies that miss submitting the final updates to their spot BTC ETF applications by December 29 could potentially miss the spot in the first wave of approvals expected by January 10.
While the representatives of the seven companies included executives from BlackRock, Grayscale, ARK Invest and 21Shares, among others, it is not clear who the deadline applies to. Thus, by the next 72 hours, when asset managers will be on track to receive their approved spot, BTC ETF filings will be revealed before the end of the year.
Bitcoin price remains dormant
Bitcoin price, at the time of writing, could be seen trading at $43,530, moving sideways for the past week, failing to breach the $44,000 resistance level. This price point marks the year-to-date high, and breaching it would be a short-term bullish catalyst for the cryptocurrency.
However, looking at the price indicators, the potential of nothing happening is more likely. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators are exhibiting mild bearishness in the market.
This suggests that until the spot BTC ETF approval date nears, the cryptocurrency will probably continue treading sideways, under the $44,000 psychological level.
BTC/USD 1-day chart
But if there is some update by December 29 regarding which applications will likely be approved by January 10, the market could rally with certainty, changing the trend to bullish from neutral and sending Bitcoin price beyond $44,000.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Digital asset inflows reach record high year-to-date
Digital asset investment inflows saw a three-week consecutive rise, totaling $1.05 billion. Cumulative flows have hit an all-time high of $14.9 billion for the year. The majority of inflows come from US Bitcoin ETFs at $1.01 billion.
Bitcoin long-term holders begin re-accumulation after Semler Scientific and Mt Gox make major whale moves
Semler Scientific takes a page from MicroStrategy's playbook with $40 million BTC investment. Mt Gox has yet to begin repaying users despite $9.6 billion BTC transfers across several addresses.
Ethereum may continue outperforming Bitcoin as 'programmable money' may be ETH's new slogan
Ethereum (ETH) followed a sideways trend on Tuesday as the crypto community seems to favor the term 'programmable money' as ETH's one-liner. Meanwhile, whales have continued accumulating ETH despite profiting from the recent price spike.
Pepe sell signal hints at 20% crash before bulls come back Premium
Pepe (PEPE) price has shown resilience in the past two weeks, with the most recent rally nearly doubling the meme coin’s market value. However, due to the nature of the recent impulsive move, investors can expect a short-term correction, which could be an opportunity for patient and long-term buyers.
Bitcoin: BTC struggles, but $80K is at striking distance Premium
Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH).