At precisely 16:45 UTC, the price of Bitcoin (BTC) surged above $39,000 on the Bitstamp platform, marking a significant milestone. Since early May 2022, this is the greatest level that the virtual currency has attained.
The spike is consistent with the recently disclosed formal approval window for a Bitcoin ETF, which is a much-awaited development in the cryptocurrency space.
The anticipated approval window
Prominent ETF expert James Seyffart recently pointed out in a post on the social media network X that the formal window for the U.S. Securities and Exchange Commission (SEC) to consider approving a spot Bitcoin ETF is set between January 5 and January 10.
Within the cryptocurrency world, this statement has generated a great deal of enthusiasm. According to Seyffart, any permission orders would probably be given on January 8, 9, or 10.
According to Seyffart, there is a 10% or less possibility that the approval will not happen when planned. Such a delay, he surmised, may occur if Chair Gary Gensler chooses to “go nuclear.”
As an alternative, the analyst conjectured that the SEC might not have been completely ready for this move and might have worked out a withdrawal of the file with companies like ARK Invest and 21Shares in exchange for future guarantees or an alternative course of action.
Why Bitcoin is surging
Several key reasons contributed to the price of Bitcoin rising to a new top in 2023. Changes in the economy and the upbeat outlook of powerful investors are associated with this recent surge.
A big part of it is anticipating institutional need. Experts in the field think that bigger financial institutions like Fidelity and BlackRock adopting more Bitcoin might drive up the price of the cryptocurrency. This might be the ideal combination for another bull run, along with anticipated rate reductions.
