Bitcoin Surges, Leaving Analysts in Surprise: Key Developments on the Rise
Just a few minutes ago, Bitcoin‘s price carried its 2023 peak even higher, catching analysts who were expecting a major correction off guard. There’s a lot of exciting developments happening for investors. We shared two major signals that ETF approval was imminent in the past few hours. Another news came as the ongoing rise started.
Why is Bitcoin, Crypto Rising?
We had published 2 different articles in the last few hours indicating that ETF approval was nearing. The first one was the SEC education unit’s re-sharing of warnings made in futures ETF approval. The SEC was sharing warnings related to the risks of crypto before giving futures ETF approval at the end of 2021. If history is repeating and spot Bitcoin ETF approval is coming soon, we can say that we are very close to it (in light of this recurring event).
The second point was that despite approaching January 10, no new application had been made for the conversion of GBTC to ETF. Grayscale did not do this after the court victory and talks with the SEC began. This whispers to us the possibility of receiving a signal that the old application could be directly approved in the talks. File updates and ongoing talks show that Grayscale may receive the first approval before January 10.
The third major point was that the SEC was reported to be in talks with Fidelity a few minutes ago. Details related to the ETF issuance process (creation, redemptions, etc.) were discussed in this meeting. In addition, ETF files have been updated for weeks as a result of talks with the SEC.
As a result, cryptocurrencies and specifically Bitcoin price is rising for this reason.