The Securities and Exchange Commission (SEC) is nearing the verdict deadline for Bitcoin Exchange-traded funds (ETFs), scheduled for January 10, 2024.
On Thursday, December 22, the SEC held discussions with representatives from seven companies, including BlackRock, Grayscale Investments, ARK Investments, and 21 Shares, all seeking approval for their Bitcoin ETFs. Two of these companies have been requested to submit final changes by December 29.
While the SEC has previously rejected applications for spot Bitcoin ETFs due to market volatility and uncertainty, recent developments suggest a shift, fostering optimism.
Now, the potential approval of Bitcoin ETFs has instilled optimism among global traders. CryptoQuant analysts recently predicted a potential surge in Bitcoin (BTC) to $160,000 in 2024. They anticipate increased interest from U.S. investors as new spot ETFs become available, coupled with the impact of the upcoming halving event reducing coin supply.
Conversely, Ethereum faces a less optimistic outlook. On December 18, the SEC announced the postponement of decisions on several Ethereum ETFs, extending the final verdict to May 2024.
CoinMarketCap data reveals Ethereum’s price stability post-announcement, showing a modest +2% change in the last seven days, maintaining a value of around $2,288.
Over a more extended period, Bitcoin has experienced a substantial rally, surging over 43% from July to December 2023. In the same timeframe, Ethereum’s price has increased by a more modest 20.5%, according to TradingView data.
