As of this writing, the BTC cryptocurrency has finally surpassed $46,000 and its impressive rise continues to accelerate. A few days ago, I wrote that although the BTC price continues to rise, altcoin sales may increase. Selling increased in altcoins as BTC reached a new weekly high.
Why Is Bitcoin Rising?
SEC holds Spot Bitcoin ETF ceremony. Days before the approval of the future Bitcoin ETF, he highlighted the cryptocurrency’s high volatility and risk of fraud. Gensler did the same today. All files have been uploaded to the SEC system by the Spot Bitcoin ETF applicant. All details, including the ETF’s annual transaction fees, are recorded on file. Now it’s all over and there’s only one thing left.
Wednesday is the deadline for ETF applications filed by Ark and 21Shares for the SEC to approve the ETF. More than 30 meetings in December alone, meetings where information is exchanged and file update races that last for days mean only one thing. The SEC gave verbal approval but did not officially announce it. Bitcoin is pricing exactly that and is surging above $46,000.
If approved on Wednesday, the rise could be followed by a speculative sell-off aimed at liquidating futures. However, the first volume data on Thursday will determine the medium-term direction of the price. It has been reported that there is already huge demand, but after the listing on Thursday (or Friday), everyone will know the truth. If volume does not come in as expected, overselling is possible.
