Bitcoin Rollercoaster: Will it Soar or Correct by Year-End?
Decoding the SEC’s Dance and the Future of Bitcoins Price
As the curtain fell on November 17, the U.S. Securities and Exchange Commission (SEC) found itself in a time crunch, with several Bitcoin ETF applications awaiting its nod. The anticipation was palpable, but alas, the SEC decided to play the waiting game, pushing the final decision on these applications to a later date.
By January 10, 2024, the SEC must make a definitive call. So, how does this delay affect the trajectory of Bitcoin's price? Are we gearing up for a year-end rally, or is a substantial correction on the horizon?
According to Bloomberg ETF analysts James Seyffart and Eric Balchunas, the SEC theoretically had the opportunity to greenlight 12 Bitcoin Spot ETF applications, including the conversion of the Grayscale Bitcoin Trust (GBTC) into a Bitcoin Spot ETF. But, they emphasized that this was merely a possibility, not a certainty.
The SEC’s narrow window was a result of extending the deadline for a series of pending Bitcoin Spot ETF applications, setting November 8 as the last day for comments. Some industry experts speculated approval, especially after BlackRock registered an Ethereum Spot ETF (iShares Ethereum Trust) in Delaware last week. This move added…
