Bitcoin is experiencing the most important phase in its history in the second week of 2024. These developments may ignite a fuse that may affect Bitcoin price trends for a long time. The United States is expected to approve this move by deciding on the first Bitcoin exchange-traded fund (ETF). The event, to be held on January 10, comes after months of criticism, uncertainty and failure of previous years.
What to Expect in the ETF Process?
Crypto market players believe the application process should be different this time, and there is a palpable sense of excitement in the crypto market as Wall Street prepares for trading to begin this week. Bitcoin investors have a lot to worry about. It will provide an overview of the ETF process, as well as US macro data and the potential volatility of inflation-risk assets.
However, as on-chain indicators show an upward trend, there is increasing confidence that the upward trend of the BTC/USD parity will continue. The process, which represents a significant step in the adoption of Bitcoin for institutional investors, has been years in the making and may soon be available to investors.
The Market Divided Into Two
The Securities and Exchange Commission’s slow approval of spot ETF applications has divided the industry. The US is already an obstacle when it comes to products because spot Bitcoin ETFs are already hurting investors in Europe and other countries.
The US’s uncertainty on this issue manifests itself in various ways. The latest were rumors of political sabotage in the days before the January 10 deadline. The issue was later covered by Bloomberg Intelligence analysts Eric Balchunas and James Seifert, who provided the most comprehensive coverage of the ETF’s approval process.
Meanwhile, private ETF advisor Nate Geraci presented his own road map this week, raising the possibility that the SEC will reject the application. Part of his post about Geraci added that it will be interesting to see what kind of capital will be available on launch day.
“It’s going to be another crazy week. “I can’t wait to see how this all plays out.”