Big Week For Bitcoin as Investors Bet on a Jan 10 ETF Approval
Big Week for Bitcoin: SEC Decision on ETFs Looms, Boosting Prices and Investor Confidence!
A big week is coming for cryptocurrencies, especially Bitcoin [BTC], because the U.S. Securities and Exchange Commission (SEC) will decide on Bitcoin exchange-traded funds (ETFs).
BlackRock, the world's largest asset manager, expects approval on January 10th. They asked the SEC last June for an ETF based on Bitcoin's real price. This move shows that big companies are interested in Bitcoin. In related news, the biggest asset manager globally plans to cut jobs soon, this could be in preparation for a positive decision from the US SEC about their Bitcoin ETF.
BlackRock and other firms want to introduce a BTC ETF in the US, which tracks Bitcoin's price, the biggest digital currency.
After BlackRock's request, Bitcoin's price jumped 25% in a week, showing how excited the market was.
Most of the ETF application work is done, and the SEC will soon start approving them. The chance of these ETFs being rejected has dropped a lot.
Meanwhile, Bitcoin's price has gone up above $44,000 recently. More people are betting that Bitcoin's price will rise, showing they believe in it.
