Cryptocurrency enthusiasts are on the edge of their seats as Wall Street giants quietly pave the way for the next Bitcoin price surge.
This week, Bitcoin touched the $30,000 per Bitcoin mark for the first time since August, creating ripples across the Ethereum, XRP, and the wider crypto market, anticipating a massive $15.6 trillion impact.
However, the crypto market was recently shaken by a viral, albeit false, report claiming that the U.S. Securities and Exchange Commission (SEC) had approved a long-anticipated Bitcoin spot exchange-traded fund (ETF). Observers believe that the awaited ETF approval may come this year and that its impact has not yet been factored into the current prices.
Mike Novogratz, a crypto investor and the CEO of Galaxy Investment Partners, expressed confidence in a Bitcoin spot ETF approval this year, stating, “A bitcoin spot ETF is going to get approved, we think it happens this year in 2023.” Galaxy Investment Partners, in partnership with Invesco, has filed its own spot Bitcoin ETF application with the SEC, which was among those whose decisions were delayed in late September.
Paul Grewal, Coinbase’s chief legal officer, shares this optimism, saying, “I’m quite hopeful that these [ETF] applications will be granted if only because they should be granted under the law. We are quite excited that there are a number of developments we think that are just around the corner, or underway even as we speak, that will bring back investor and consumer interest in crypto.”
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It’s worth noting that a false viral report circulating on Twitter last week falsely claimed that the SEC had approved a Bitcoin spot ETF. This led to a temporary surge in the Bitcoin price and boosted other major cryptocurrencies, such as Ethereum and XRP.
Crypto analysts have pointed out that the market’s reaction to this incident indicates that an eventual Bitcoin spot ETF is not yet “priced in” and could trigger a bullish trend.
