Bitcoin Price Surges to $45,000 Pending SEC’s Bitcoin ETF Approval
Bitcoin‘s price has soared to $45,000, marking its highest point since April 2022.
With growing investor anticipation of the decision by the U.S. Securities and Exchange Commission (SEC) regarding the approval of spot Bitcoin exchange-traded funds (ETFs), Bitcoin is currently trading at $45,435 at the time of writing according to CoinMarketCap, up by more than 7% from 24 hours ago.
Investor enthusiasm has intensified following a Reuters report suggesting that the SEC’s decision on the approval of Bitcoin ETFs could come as soon as Tuesday, January 2.
According to Reuters, “the SEC may notify issuers as soon as Tuesday or Wednesday that they have been cleared to launch the following week,” said sources “who spoke on background given the confidential nature of the discussions.”
The SEC’s potential approval of Bitcoin ETFs would mark a crucial shift in the U.S. regulatory stance towards cryptocurrencies. Traditionally, the SEC has been more inclined towards futures-based ETFs, adopting a cautious approach to direct cryptocurrency investments.
An affirmative decision would signal a broader acceptance of crypto, potentially opening up new avenues for investment and bolstering Bitcoin’s legitimacy among traditional financial sectors, especially when established financial institutions like BlackRock and Fidelity become major Bitcoin ETF issuers.
As the market buzzes with the potential of the SEC’s approval, Gabor Gurbacks, an adviser at VanEck, offered a tempered perspective on the immediate impact of such an event.
“In my view, people tend to overestimate the initial impact of U.S. Bitcoin ETFs,” wrote Gurbacks in a recent post. “Long term, people tend to underestimate the impact of spot Bitcoin ETFs.”
In my view, people tend to
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