It seems that the long wait for the spot bitcoin ETF could be over in four to six months. In the recent earnings announcement, Galaxy Digital CEO Mike Novogratz quoted some insider “contacts” as telling him that BlackRock and Invesco spot bitcoin ETF approval was a matter of “when,” not “if.” “.
He also added that the approval of the first spot bitcoin ETF will take no more than four to six months. There has been renewed optimism in the market since BlackRock applied for the spot bitcoin ETF in mid-June. Expectations have also risen as other financial giants have joined the bandwagon.
Before August 13 of this week, the US Securities and Exchange Commission is due to issue its opinion on Cathie Wood’s Ark Invest spot bitcoin ETF filing. Market analysts believe the SEC is likely to delay its ruling on the matter even further.
Cathie Wood also indicated that the US Securities and Exchange Commission could approve all applications for spot BTC ETFs at once. “August 13 (deadline) will come and go. I think that if the SEC wants to approve a Bitcoin ETF, they will approve more than one at a time. Most of that (ETF filings) will essentially be the same, and it comes down to marketing and communicating the message,” she said.
Bitcoin (BTC) price shoots above $30,000
During Tuesday’s trading hours, bitcoin (BTC) price surged above $30,000 despite the plunge in the US stock market. On-chain data provider Santiment explains that despite falling #stocks and rising #dollar, bitcoin price has surged to $30.3k. Keep an eye on the significant profit-taking, which is now at its highest level in over three weeks. Average $BTC addresses are up more than +20% over the past year.
Courtesy: Santiment
However, BTC has struggled to stay above $30,000. At press time, Bitcoin is up 1.91% at a price of $29,748 and a market cap of $578 billion. As previously mentioned, bitcoin is under some selling pressure in the roughly $29,900 to $30,100 range. Therefore, the weekly close needs to be above $29,250 to confirm bullish upside momentum.
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