Bloomberg Analyst Seems Optimistic Regarding Bitcoin ETF Approval 

James Seyffart, the Bloomberg analyst, declared the Bitcoin ETF has more chances for approval. The expectations of ETF approval have risen to unusual levels. That is because the regulators have started accepting the 19 b-forms from the exchange and users.

The experts are celebrating and calling it done. They say that there is very little chance that the SEC will reject it. However, the ETF decision is pending till January 10th. The atmosphere is full of excitement in the prediction of January 10th, when the firm potentially announces its decision.

On the other hand, some of the experts are of the view that this is a news event where the market is capitalized on by opening the rumors. The experts have this view due to the recent reaction from the altcoin market with leading players Avalanche, Cardano, and Ethereum experiencing drops of up to 12%.

What is the View of James Seyffart on Bitcoin ETF?

Initially, James Seyffart predicted a 90% chance of approval by January, which has now increased to 95%. The Bloomberg analyst maintains optimism. However, when the SEC decided to postpone the decision James Seyffart discussed that the rejection would cause certain anomalies.

He said that if the Bitcoin ETF faces rejection, then young investors like Gene Z have to face significant challenges that are not only demographic but also from different legal aspects.

The rejection will also enrage criticism and backlash. He further said that the Biden administration might intervene. Although they have a convincing outlook on crypto regulation, intervention is possible.

It will lead to obstacles for regulators and this in turn will hinder the process of the ETF scheduled for next week.

Why Does the Decision Matter on Bitcoin ETF?

The pending decision by the SEC matters the most because it will shape the market. The regulator’s expected decision has already created a buzz in the market. Everyone is on the edge of anticipation. The delay in the decision is creating a stir among firms and they are eagerly waiting for approval to move ahead with market proceedings.

The SEC is due to decide whether to approve or reject the proposal. The final updates are yet to come on January 10. The crypto investors are eagerly waiting for the decision. The regulatory firm has started accepting the 19b-4 filing, which increases the hope of approval among the exchanges. It is a form used by exchanges to inform the SEC of a proposed rule change. 

Summary

The SEC decision is postponed to January 10th. The Bloomberg analyst James Seyffart announced that the approval of Bitcoin ETF chances are now 95%. As the regulatory form started accepting 19 b-4 forms, it has raised the excitement of approval. 

The crypto market is eagerly waiting for the impending decision. Further delays can raise impatience among investors. However, most of the experts predicted approval of the ETF.

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.