Bitcoin ETF Approval To Push BTC Price Above $50K: Matrixport

While the confidence around spot Bitcoin ETF approval before the January 10, 2024 deadline in increasing, the Bitcoin (BTC) price shot up as high as $44,000. Meanwhile, ETF filers continue to have deliberations with the U.S. Securities and Exchange Commission (SEC).

Also Read: Phantom Wallet Integrates Bitcoin, Ordinals, and BRC-20 Tokens

Matrixport Sees BTC At $50K

According to Matrixport Research, the BTC price is expected to breach the $50,000 mark in January 2024, if and when the US SEC clears the approval of ETFs. Currently, the firm sees a 95% chance of Bitcoin ETF approval in January 2024. Investment manager Blackrock had in the recent times held meetings with the SEC multiple times, in what could be in preparation for the spot ETF approval.

In a latest, it is learnt that Grayscale had a meeting with the US SEC officials on December 19, 2023 around the potential conversion of the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. The discussion concerned the proposed rule change to list and trade shares of the Grayscale Bitcoin Trust (BTC), memorandum from David Remus of the SEC’s Division of Trading and Markets said. Earlier, CoinGape reported about Blackrock’s frequent meetings with the agency officials around listing and trading shares of the iShares Bitcoin Trust.

ETF Approval With A Twist?

Meanwhile, Charles Gasparino, a Fox Business journalist, said there is confidence among the aspiring firms that the Commission would rule in favor of Bitcoin ETF approval after January 8, 2024. However, the approval could come subject to conditions around preventing money laundering related violations. He said,

“Unlike normal ETF’s you can only purchase shares with cash; SEC worried about ETF’s being used as a vehicle for money laundering.”

Analysts believe that the agency has a narrow window between January 8 and 10 for decision making in favor of approving the ETF proposals, CoinGape reported. Yet, it remains to be seen if the agency approves filings of a select few companies initially and follow up with the remaining firms. It is also likely that all the ETF filers could be given the same date from which they can launch the ETFs.

Also Read: Michael Saylor: Spot Bitcoin ETF Nod To Create Demand Shock For BTC

✓ Share:

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1,200 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.