As the final deadline for the SEC’s decision on spot Bitcoin ETF applications arrives, the crypto community finds itself in a state of both excitement and chaos. This follows the dissemination of a “fake news” report on Tuesday falsely claiming the approval of these applications.
However, experts now suggest that the long-awaited approval is indeed imminent, potentially marking a pivotal moment not only for the Bitcoin market but for the entire cryptocurrency industry.
Expert Anticipates Bitcoin ETF Approval Day
According to renowned Bloomberg ETF expert Eric Balchunas, this day can be celebrated as “ETF Approval Day” with confidence, as it appears that all systems are ready for the green light.
Balchunas anticipates that formal approvals will likely be announced around 4-6 pm today, with the actual trading of ETFs commencing on Thursday. Bloomberg is fully prepared, with DES (Data Exploration System) pages already being set up to provide comprehensive coverage.
However, in light of the recent “hacking” of the SEC’s X account, as reported by Bitcoinist, Balchunas suggests that SEC Chairman Gary Gensler should consider holding a press conference to address the situation.
This would include acknowledging the earlier X hack, admitting any mistakes made, outlining the steps taken to rectify the situation, and then, in one fell swoop, announcing the official approval of the ETFs.
Potential Ripple Effect
If the expected approvals are granted, it would be a monumental development for the industry, as the largest asset managers in the world are poised to offer Bitcoin ETF.
This move has the potential to open new avenues for institutional and retail investors to access and invest in Bitcoin, further solidifying the cryptocurrency’s position as a mainstream financial asset.
The impact of the ETF approvals is expected to extend beyond just the Bitcoin market. It could catalyze increased adoption and legitimacy of cryptocurrencies as a whole, attracting more investors and potentially reshaping the future of the crypto industry.
As the crypto community eagerly awaits the SEC’s official announcement on the Bitcoin ETF applications, all eyes are on the regulatory body to see if the expected approvals will indeed materialize.
Featured image from Shutterstock, chart from TradingView.com