Fake information recently passed through the crypto market that the US SEC approved one of the numerous applications for bitcoin-ETF registration. Despite the fact that so far these were only rumors, the market is waiting for a positive decision from the American regulator at least until the end of this year. What will happen in this case with the price of the main cryptocurrency?
So far, false start
After the digital asset market was stirred up by the news on October 16 that the SEC made a positive decision to register a bitcoin fund from BlackRock, the bitcoin market rate temporarily rose above the psychological mark of $30,000. True, it soon became clear that it was a “false start,” and the cost of the main cryptocurrency rolled down.
Nevertheless, market participants expect the SEC to approve the first application for a bitcoin ETF at least by the end of this year. This opinion, in particular, was expressed by the top management of Galaxy Digital and Grayscale, which previously also submitted relevant applications.
Nevertheless, until recently, the American regulator has already postponed the decision-making several times. Now this period for several such applications has been postponed to January 2024.
Prospects for bitcoin
Now, the bitcoin exchange rate is trading just above the $28,000 mark, that is, so far it has not been able to keep the psychological mark of $30,000.
Of course, if the SEC still approves at least one of the applications submitted from various companies for registration of bitcoin ETFs, this will be a very good signal for the main cryptocurrency. If we consider that even on fake information, the cost of bitcoin was able to grow greatly, the real decision will give an even greater reason for raising the rate. After all, it will become a precedent, followed by a whole series of approvals and other applications.
In this case, bitcoin has every chance of gaining a foothold above $30,000 and going even higher. An additional reason for the jump in the exchange rate will be bitcoin halving, scheduled for April 2024.
On the eve of this event, as a result of which the reward for mining the bitcoin block will halve, traditionally there is an increase in the value of the main cryptocurrency. Therefore, bitcoin in the near future has several reasons for growth at once.
By Dmitry Noskov, expert at StormGain, platform for trading, buying and storing cryptocurrency