Bitcoin Gains Past $30K As Spot Bitcoin ETF Approval Likely Soon

It seems that the long wait for the spot Bitcoin ETF could be ending in four to six months from now onwards. In the recent earnings call, Galaxy Digital CEO Mike Novogratz cited some insider “contacts” who told him that the approval on BlackRock and Invesco spot Bitcoin ETF is a matter of “when, not if”.

He further added that the approval of the first spot Bitcoin ETF would not take more than four to six months from now. Ever since BlackRock filed for the spot Bitcoin ETF in mid-June, there’s renewed optimism in the market. Expectations have also soared high with other financial giants joining the bandwagon.

According to “contacts” from inside BlackRock and Invesco spot Bitcoin ETF approval a matter of “when, not if” likely in “four to six months” — Galaxy CEO Mike Novogratz on earnings call this morning pic.twitter.com/TIhHC7xnHI

— Eric Balchunas (@EricBalchunas) August 8, 2023

Ahead of this week on August 13, the US SEC will announce its opinion on Cathie Wood’s Ark Invest spot Bitcoin ETF application. Market analysts believe that the SEC is likely to further delay its verdict on the same.

Cathie Wood also stated that the US SEC could be approving all spot BTC ETF applications at once. “The August 13 (deadline) will come and go. I think the SEC, if it is going to approve a Bitcoin ETF, will approve more than one at once. Most of these (ETF filings), essentially will be the same, and it will come down to marketing, and communicating the message,” she said.

Bitcoin (BTC)Price Shoots Past $30,000

During Tuesday’s trading hours, the Bitcoin (BTC) price soared past $30,000 despite the slump in the US equity market. On-chain data provider Santiment explains that Bitcoin price has rebounded to $30.3K even as #stocks decline and the #dollar strengthens. Keep an eye on the significant profit-taking occurring, now at its highest point in over 3 weeks. Average $BTC addresses in the past year have increased by more than +20%.

However, BTC has struggled to hold above the $30,000 level. As of press time, Bitcoin is trading 1.91% up at a price of $29, 748 and a market cap of $578 billion. As said, Bitcoin is facing some selling pressure in the ~$29900-$30100 zone. Thus, it needs to give a weekly close above $29,250 to confirm a bullish momentum upwards.

#BTC has rebounded straight into ~$30,000

Last week & even in late April, $BTC was able to do the same but ended as an upside wick

Which is why a Weekly Close above ~$29250 is so important to show that seller pressure in this ~$29900-$30100 is getting weaker#Crypto #Bitcoin https://t.co/t26zlUBJLX pic.twitter.com/99Uer547JZ

— Rekt Capital (@rektcapital) August 8, 2023

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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.