The six day window for the US SEC to approve multiple spot BTCETFs may open today (November 9th).To make a long story shortThe price of Bitcoin has surged to $36700, possibly driven by expectations from the US Securities and Exchange Commission (SEC) compared to the ETF decision for Bitcoin and the bullish trend in the cryptocurrency market
The six day window for the US SEC to approve multiple spot BTCETFs may open today (November 9th).
To make a long story short
- The price of Bitcoin has surged to $36700, possibly driven by expectations from the US Securities and Exchange Commission (SEC) compared to the ETF decision for Bitcoin and the bullish trend in the cryptocurrency market.
- Starting today, the US Securities and Exchange Commission has a six day decision-making period to approve multiple Bitcoin ETF applications.
- The highly anticipated forecast suggests that due to factors such as social unrest and the halving event in 2024, the price of Bitcoin may soar to between $200000 and $350000.
After several days of relatively low volatility, the price of Bitcoin began to rise again. A few hours ago, it hit an 18 month high of over $36700 (according to CoinMarketCap data).
Although this may sound good news for bulls, it is worth observing the main reasons for the recent rebound.
One possible factor may be the pending application for spot Bitcoin Exchange Traded Funds (ETFs) submitted by numerous financial giants such as BlackRock and Invesco in the past few months.
Bloomberg ETF analysts James Seyfart and Eric Balchunas claim that starting today (November 9th), the Securities and Exchange Commission (SEC) has six days to approve or reject ETFs.
Another factor driving the rise of Bitcoin may be the overall bullish market situation. Most digital assets have risen significantly in the past 24 hours, while the global cryptocurrency market value has jumped to $1.4 trillion.
So far, Bitcoin has had a quite successful year, with its valuation rising by over 120% since January 1st. However, multiple experts believe that this is only the beginning of a further rebound and may push Bitcoin to new heights.
The two well-known figures who talked about this matter were Max Keizer (Chairman of El Salvador's Bitcoin mining startup VolcanoEnergy) and Michael Saylor (Executive Chairman of MicroStrategy).
The former believes that leading digital assets may soar to $200000 after potential social unrest, while the latter believes that BTC's trading price will exceed $350000 driven by the halving event in 2024.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
