Bitcoin prices rose on Monday as investors anticipated a potential approval of a U.S. Bitcoin exchange-traded fund (ETF) this week. The approval odds for a spot Bitcoin ETF have increased significantly in recent weeks, reaching over 90%, according to various Intelligence sources. This surge in optimism is attributed to recent SEC statements and actions that suggest a growing openness to regulated investment products based on Bitcoin.
Analysts believe that the SEC’s decision could have a significant impact on the cryptocurrency market, potentially leading to a surge in demand for Bitcoin. The approval of a spot Bitcoin ETF would be a major milestone for the industry and would make it easier for institutional investors to access the market.
The SEC is expected to make a decision on the first round of spot Bitcoin ETF applications sometime in the next few weeks. While the odds of approval are now much higher than they were just a few months ago, there is still some uncertainty surrounding the SEC’s decision. The regulator will carefully weigh various factors before making its final ruling.
The potential approval of a spot Bitcoin ETF has boosted investor confidence in the cryptocurrency market. Bitcoin prices rose by 1.5% on Monday, reaching $44,854.11. The optimism around Bitcoin also helped push ether prices higher by nearly 1%.
Several of the same firms vying for a Bitcoin ETF have also filed applications to launch spot Ether ETFs. The SEC’s deadline on those will come later in the year.
Meanwhile, cryptocurrency equities fell on Monday. Coinbase stock slipped more than 3%
Investors are eagerly awaiting the SEC’s decision, which could have a profound impact on the future of Bitcoin and the cryptocurrency market as a whole.
