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Eric Balchunas, ETF analyst at Bloomberg Intelligence, announced the time when spot Bitcoin ETFs will be approved. Sharing the development, Balchunas stated that the approval process for Bitcoin ETFs will be completed today.
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Following this announcement, volatility in the cryptocurrency markets increased while the value of Bitcoin fell. The approval of Bitcoin ETF will allow investors in the sector to trade on Bitcoin price movements without directly purchasing Bitcoin.
The approval of spot Bitcoin ETFs also represents a major step for the Bitcoin and cryptocurrency sectors. This shows that Bitcoin is subject to regulatory oversight and is accepted by the United States, one of the world’s largest economies.
When the time will the ETF be approved?
Although the analyst said that Bitcoin ETF applications will be approved tonight, investors are approaching the issue with great caution after the fake approval news that took place the previous day. Some analysts believe that the SEC could even reject ETF applications, citing the market volatility that occurred after the fake news.
This move, which is thought to allow American investors to easily access Bitcoin through Bitcoin ETFs and to carry Bitcoin to a greater place within the traditional financial system, would have created a positive atmosphere in the cryptocurrency market. However, the market is very volatile and unstable after consecutive negative and fake news.
Despite all this, this forecast by Eric Balchunas, ETF analyst at Bloomberg Intelligence, reinforces the general view that the Bitcoin and cryptocurrency sectors will be more accepted in the coming period. Analysts say that the approval of Bitcoin ETFs will allow more investors to enter the sector and the widespread use of cryptocurrencies.
Although ETF applications will have a positive impact on the BTC price in the long run, the market will be very risky and volatile during the decision-making process, which is today. Some experts believe that the “sell the news” strategy will be realized with the ETF decision.
The approval process will be completed in the coming hours, and a new era will begin in the sector at the end of this process. All eyes are on this important decision from the SEC.