Bitcoin (BTC), the world’s largest crypto asset, has experienced a substantial increase in price over the last 24 hours. Surging by approximately 8%, BTC reached a new high of $47,209.
With this rise in price, Bitcoin’s market value has also soared to $916 billion. Furthermore, the trading volume for Bitcoin has seen a massive 103% increase, reaching $42.9 billion in the last 24 hours alone.
One of the contributing factors to this surge is the upcoming deadline for approving several Bitcoin spot ETF applications on January 10th. As this date approaches, more and more institutional investors are showing interest in the cryptocurrency market, driving its price.
In fact, the financial giant BlackRock is anticipating approval by the US Securities and Exchange Commission (SEC) for its Bitcoin spot ETF as early as next Wednesday. Alongside BlackRock, other prominent firms such as Grayscale Investments, Valkyrie, and ARK 21Shares have also submitted updated filings for their proposed ETFs.
Amidst the positive momentum surrounding Bitcoin, rumors of a potential approval delay have emerged. The swift response by the SEC, which issued new comments on updated S-1 filings hours after they were submitted, has ignited speculation and discussion in the cryptocurrency sector and beyond. Some foresee this as a possible setback for the approval timeline of Bitcoin ETFs.
Perianne Boring, the CEO of the Chamber of Digital Commerce, expressed her concerns about the SEC’s comments on Twitter, suggesting there might be a delay coming.
However, there are differing opinions among analysts.
James Seyffart, a notable ETF expert, provided an alternative interpretation of the SEC’s comments. He emphasized that although there were fee-related remarks in the S-1 documents, the swift response from the SEC may demonstrate an eagerness to progress rather than delay. Seyffart also expects additional revisions in the upcoming days as a result of this prompt response.
Scott Johnsson, a finance lawyer at Davis Polk, also noted the SEC’s unusually swift response. He reminded that S-1s don’t have to be complete when 19b-4s are approved, adding to the optimistic outlook.
Fox Business journalist Eleanor Terrett also reported optimism among both sides engaged in the debate over the ETF decision, stating that they believe the SEC is simply following its standard process to ensure all information is submitted before the January 10th deadline.
Despite speculations, there have been no official statements from the SEC regarding potential Bitcoin spot ETF delays as of this writing.