Bitcoin

Mirrored Galaxy Digital Holdings Ltd

<p>Cryptocurrency billionaire and founder of Galaxy Digital Holdings Ltd Mike Novogratz is optimistic that the leading cryptocurrency by market capitalization <a href="https://www.bloomberg.com/news/articles/2023-07-12/novogratz-sees-bitcoin-rising-says-etfs-likely-to-be-approved#:~:text&#61;Mike%20Novogratz%2C%20the%20founder%20of,interview%20on%20Bloomberg%20TV%20Wednesday." rel="noopener noreferrer nofollow">Bitcoin will rise significantly before the end of 2023</a>. While speaking recently to Bloomberg in an interview, he also predicted that the United States Securities and Exchange Commission (SEC) will approve a spot BTC Exchange Traded Fund (ETF).</p><h2 id="header-0">Bitcoin and the Interest Rate Hike Link</h2><p>Novogratz believes that Bitcoin&#39;s current consolidation phase, which is roughly between $28,000 and $32,000, will likely precede an outstanding price gain.</p><p>He also suggested that the digital currency would probably advance further after the Federal Reserve decides it’s done with interest-rate hikes. Currently, BTC is trading at $30,386.52, a 1.41% drop in the last 24 hours.</p><p>In the last month, the leading digital currency surged by 18% and about 84% this year. Much of its recent growth is driven by the optimism of a potential approval from the SEC for spot BTC ETFs.</p><h2 id="header-1">BlackRock, Fidelity And Others to Promote BTC Adoption</h2><p>The Galaxy Digital chief is positive that the approval will come and then investment managers like <a href="https://thecoinrise.com/blackrock-applies-for-spot-bitcoin-etf-with-sec/" rel="noopener noreferrer nofollow">BlackRock</a>, Invesco and others that filed a Bitcoin ETF application, will introduce broad adoption of BTC to investors who previously did not have access.</p><p>The SEC has received about seven applications for a spot BTC ETF so far. After BlackRock&#39;s first application in mid-June, <a href="https://thecoinrise.com/valkyrie-reapplies-to-u-s-sec-list-spot-btc-etf/" rel="noopener noreferrer nofollow">Valkyrie</a>, Invesco, <a href="https://thecoinrise.com/wisdomtree-reapplies-to-u-s-sec-for-bitcoin-etf/" rel="noopener noreferrer nofollow">WisdomTree</a>, Bitwise and <a href="https://thecoinrise.com/fidelity-investments-submits-application-for-spot-bitcoin-etf-with-sec/" rel="noopener noreferrer nofollow">Fidelity Investment</a> filed for the same offering. Going down history, no approval has been given for a spot BTC ETF by the U.S. regulator, but this time around, there is so much optimism about the possibility of consent.</p><h2 id="header-2">SEC Needs a Change of Administration</h2><p>When the approval finally comes, it would be a seal of approval from the U.S. government, indicating that BTC has truly become a recognized asset class, per a statement by Novogratz.</p><p>Although, this does not rule out the challenging regulatory landscape of the SEC for crypto-related entities. The U.S. regulator and its Chair Gary Gensler are cracking down on crypto.</p><p>Ripple, Binance, Kraken and Coinbase have all felt the wrath of the SEC and Novogratz has pointed out that a change of heart or a change of administration would be crucial to seeing changes in the nascent crypto industry.</p>

Galaxy Digital CEO Says ETF Will Likely be Approved by SEC

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