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Would Spot BTC ETF be approved by the SEC?


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s no longer news that traders/investors, alongside firms like BlackRock and Grayscale, are eager for the approval of the spot BTC ETF. They believe that its approval would not only foster crypto adoption but also boost the potential of the crypto market.

 

After much debate with the SEC regarding the approval of the spot BTC ETF, the decision date is drawing nearer. There have been both positive and negative news surrounding this topic, although the former seems to be more prevalent, which is a relief at the moment. According to news on CMC, the BTC price has bounced back from a slight dip, which was rumored to be connected to the SEC's intention to not approve the spot ETF. However, recent meetings involving the SEC, BlackRock, and Nasdaq hint at the approval of the spot BTC ETFs.

 

This sentiment is supported by a statement made by senior crypto journalist Jacquelyn Melinek in Techrunch. She states that the spot BTC ETF is going to be approved by the SEC for multiple firms' applications, citing sources extremely close to the matter. Bloomberg analyst James Styffat predicts a 90% chance of the SEC approving the proposal. He believes that the SEC's options are limited following a legal defeat against Grayscale and ongoing pressure, and the cautious approach of institutional investors may lead to the gradual adoption of the ETF. Additionally, global inflation showing signs of receding may force central banks to consider rate cuts.

 

Based on the reasons mentioned above, the chances of approving the Spot BTC ETF are high. However, it's important to note that regulatory decisions can be unpredictable. It's advisable to stay updated on the latest news and developments in this regard and I've decided to be careful with my funds opting for investment products like copy-trading and/or bot trading as better alternatives in the meantime. 

Have you also got other alternatives? Might be worth sharing!!

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While the positive sentiments surrounding the approval of BTC spot ETF is pleasant to the ear, one must be careful and take caution not be be carried away coz the outcome can be in both ways either positive or negative. Hence I will advise investors and traders alike are watchful and follow the latest updates. Personally I have resulted to using products like sharkfin, smart trend and dual investment not to be caught off in the event that approval is denied.

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A spot Bitcoin ETF would be subject to the same tax rules as Bitcoin, which are not very clear or consistent in the U.S. Depending on how the IRS classifies Bitcoin, investors could face different tax implications, such as capital gains tax, income tax, or property tax. Therefore, investors should consult a tax professional before investing in a spot Bitcoin ETF or adopting a Crypto bot that offers passive crypto Investors powerful new tools to enhance returns could be a worth considering. 

The Bitget Smart Portfolio Bot that allows users to rebalance assets based on price fluctuation to earn higher profits can be a game changer.

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a tax professional before investing in a spot Bitcoin ETF or adopting a Crypto bot that offers passive crypto Investors powerful new tools to enhance returns best TradingView premium indicator could be a worth considering. 

The Bitget Smart Portfolio Bot that allows users to rebalance assets based on price fluctuation to earn higher profits can be a game changer.

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On 06/01/2024 at 00:06, Bash4j said:

A spot Bitcoin ETF would be subject to the same tax rules as Bitcoin, which are not very clear or consistent in the U.S. Depending on how the IRS classifies Bitcoin, investors could face different tax implications, such as capital gains tax, income tax, or property tax. Therefore, investors should consult a tax professional before investing in a spot Bitcoin ETF or adopting a Crypto bot that offers passive crypto Investors powerful new tools to enhance returns could be a worth considering. 

The Bitget Smart Portfolio Bot that allows users to rebalance assets based on price fluctuation to earn higher profits can be a game changer.

No doubts, the wealth of helpful trading tools and bots like the one you mentioned could be the game changer for many and could also drive crypto adoption since newbies can leverage on them to access smooth transition into the industry. 2024 will be interesting in the crypto space, fingers crossed!

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Big players in the industry are optimistic that a first BTC spot ETf approval is due for Wednesday 10/01/24 with Cathie Wood among those already of the view that there's no way back as things stands now. But then the real question is are we really prepared for the effect?

If there's gonna be a bull run after the approval, which ecosystem is it gonna be or will it be a replica of recent events? Should we hold on to tokens like SOL and BGB besides BTC and L2 tokens?

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Similar thoughts running through my mind. Though i have been DCA'ing on tokens i am optimistic about and BGB is at the top of the list. Hopefully the SEC gives their approval cos that will speed up the much awaited bull market, and if the SEC doesn't approve, the market will still pick up come Bitcoin halving. So either way, i believe its best to be well positioned.

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Bitcoin (BTC) Slumps on ETF Rejection Rumor, All Eyes on the SEC
Jan 3, 2024 | Nick Cawley, Senior Strategist

 

Bitcoin slumps as report suggests SEC will reject all ETF proposals in January.

A bearish report by crypto financial services company Martixport is said to be behind the sharp sell-off in Bitcoin. The report suggested that despite all the recent meetings between ETF applicants and SEC staff, and subsequent amendments, all applications will fall short of SEC requirements and will be denied in January. The report added that these requirements may be fulfilled by Q2 2024.

 

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Bitcoin (BTC/USD) Pumping Higher as SEC ETF Deadline Nears
Jan 8, 2024 5:03 PM | Nick Cawley, Senior Strategist

 

BITCOIN (BTC) PRICES, CHARTS, AND ANALYSIS:

  • Bitcoin pressing against $45k.
  • Is an ETF approval a ‘buy the rumor, sell the fact’ event?

 

Bitcoin ETF fever is pushing the price of the largest cryptocurrency by market capitalization back to highs last seen in April 2022. At least 10 companies have handed in amended and updated Bitcoin ETF applications and are waiting to hear from the SEC. The ARK 21Shares Bitcoin ETF will be the first exchange-traded fund ruled on by the Securities and Exchange Commission (SEC). The SEC has until January 10th to approve or reject this ETF and the thinking is that if this application is approved, then the other 10 or so applications will also be approved to prevent any first-mover advantage.

The latest Bitcoin rally is being driven by reports that these applicants are all posting their ETF fee structures with two firms announcing 0% fees for the first six months. A number of these ETF applicants have also launched Bitcoin commercials over the last 10 days, adding fuel to the fire that the SEC will approve a physically-backed Bitcoin ETF this week. The near 10% sell-off candle on January 3rd was prompted by a story that these spot ETFs would not be approved this week, highlighting the current volatility in the cryptocurrency space. There is also a growing feeling in the market that an SEC approval would be a ‘buy the rumor/sell the fact’ event, especially after Bitcoin’s strong run-up over the past months. As always, the cryptocurrency space remains highly volatile and prone to wild swings on rumors as well as facts.

Bitcoin (BTC) Slumps on ETF Rejection Rumor, All Eyes on the SEC

From a technical outlook, the daily chart remains positive. BTC/USD remains above all three simple moving averages and higher highs and higher lows can be seen on the chart since mid-September. A break above the January 2nd high at $45.88k would leave $48.19k vulnerable before $52k comes into play. To the downside, $43k is initial support while $38k should hold if the market sells off sharply.

BITCOIN DAILY PRICE CHART

image1.png

Charts via TradingView

What is your view on Bitcoin – bullish or bearish?

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