Shift

Bitcoin ETF

Bitcoin

<p>The post <a href="https://coinpedia.org/news/anthony-scaramucci-speculates-bitcoin-etf-approval-by-next-week/" rel="noopener noreferrer nofollow">Anthony Scaramucci Speculates Bitcoin ETF Approval by Next Week</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>In an insightful speculation, renowned financial analyst Anthony Scaramucci suggests that the cash-based Bitcoin Exchange-Traded Fund (ETF) approval could be just around the corner.</p>
<h2 class="wp-block-heading" id="h-the-shift-in-sec-s-stance"><strong>The Shift in SEC’s Stance</strong></h2>
<p>According to Scaramucci, this significant development in the cryptocurrency sphere might be announced as early as next week, a strategic move to coincide with the holiday season and, thus, potentially, fly under the radar.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Just a theory: and don’t be surprised if it happens, but it feels like the bitcoin cash ETF could be approved next week. It’s a holiday week and it’s also a way to bury the news when people aren’t paying attention. Classic news dump. Market isn’t expecting it. Be ready.</p>— Anthony Scaramucci (@Scaramucci) <a href="https://twitter.com/Scaramucci/status/1738006384871092645?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 22, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>The journey to launching Bitcoin ETFs in the United States has been a long and winding road, with expectations set for a mid-to-late January 2024 debut. However, the real intrigue lies in the operational framework of these ETFs, especially given the U.S. Securities and Exchange Commission’s (SEC) insistence on a cash-only transaction process. This requirement from the SEC deviates from the traditional in-kind redemption method and is perceived as adding unnecessary complexity and potential costs for retail investors.</p>
<p>The change is partly driven by recent legal challenges that questioned the extent of the SEC’s authority over digital assets. The resolution of the final obstacle – choosing between “cash only” and “in-kind” transactions – has seen all ETF providers aligning with the SEC’s preference for a cash-only approach.</p>
<h2 class="wp-block-heading" id="h-strategies-and-expectations"><strong>Strategies and Expectations</strong></h2>
<p>As the market braces for the SEC’s approval, QCP Capital has shared insights into Bitcoin’s potential market movements. The firm anticipates that Bitcoin could face resistance in the $45,000 to $50,000 price range, with a possible temporary drop to around 36k, before resuming its upward trajectory.</p>
<p>Amidst this volatility, they suggest that existing Bitcoin investors might consider selling covered calls to leverage the heightened market forwards and volatilities. Additionally, buying out-of-the-money puts could be a strategic move to navigate the potential post-ETF dip.</p>
<p>QCP Capital remains optimistic about the long-term trend for Bitcoin, especially leading into the anticipated Bitcoin halving event. Bitcoin has seen a 1.5% increase in the past twenty-four hours at press time, reaching $44,423. Scaramucci’s theory, combined with the market analysis from QCP Capital, paints a picture of a crypto market at the cusp of a significant change as we head into a new year.</p>

Anthony Scaramucci Speculates Bitcoin ETF Approval by Next Week

Table of Contents

CoinPedia News

Other articles published on Dec 22, 2023

Fetch.ai (FET) Price Eyes New ATH After Remarkable 620% Yearly Growth

Solana experiences a significant surge as Bitcoin slides

5 New Meme Coins That Could List Next On Binance

Hidden Stars Of 2023: The 5 Best Cheap Cryptos To Invest In Now

Ethereum Founder Vitalik Buterin Sells Trillions Of Tokens

Consensys voices concerns over IRS proposed rulemaking for crypto

Join our free newsletter for daily crypto updates!