Bitcoin ETF

Bitcoin

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The cryptocurrency community is on edge as the U.S. Securities and Exchange Commission (SEC) approaches a critical decision on the approval of a physically-backed Bitcoin exchange-traded fund (ETF).&nbsp;
Prominent analyst Nate Geraci recently <a href="https://twitter.com/NateGeraci/status/1736586023470014649" rel="noopener noreferrer nofollow">opined</a> about the potential impact of the SEC's decision, predicting a significant market pullback if the ETF is not approved. "If spot bitcoin ETF is not approved in January, might be one of bigger rug pulls in crypto history," he noted.&nbsp;
That said, the analyst is still convinced that the odds of such a product being greenlit by the SEC are close to 100%. &nbsp;&nbsp;
This looming decision, which is expected to happen next month, could be a watershed moment for the integration of cryptocurrencies into traditional finance.
<h2 id="a-critical-deadline">A critical deadline</h2>
The cryptocurrency market recently saw a major rally, with the Bitcoin price reaching $45,000 for the first time since 2022.&nbsp;
This increase is driven by optimism that the SEC will approve the ETF application filed by Cathie Wood’s ARK Investment and 21Shares, among others.&nbsp;
An approval would be a significant boost for the crypto industry, still recovering from the FTX exchange collapse in 2022. Wall Street giants like <a href="https://u.today/blackrock-etf-may-kill-bitcoin-arthur-hayes-shares-bone-chilling-warning" rel="noopener noreferrer nofollow">BlackRock</a>, Invesco, and Fidelity have entered the fray.
Analysts are optimistic. Bloomberg Intelligence has estimated that the spot-Bitcoin ETF market could grow into a $100 billion juggernaut.&nbsp;
The potential institutionalization of Bitcoin is a narrative gaining traction, with parallels drawn to the adoption of <a href="https://u.today/bitcoin-winning-as-gold-etf-holdings-shrink-michael-mcglone" rel="noopener noreferrer nofollow">gold ETFs</a> in the early 2000s.
<h2 id="the-market-remains-at-a-crossroads">The market remains at a crossroads &nbsp;</h2>
However, the market is not without its concerns. Bitcoin is currently hovering near the $40,000 mark, according to CoinGecko <a href="https://www.coingecko.com/" rel="noopener noreferrer nofollow">data</a>.&nbsp;
The SEC's rejection of the ETFs could trigger a significant downturn. The industry is at a crossroads, with the SEC's decision having the potential to either bolster or buffet the nascent market.

SEC Denial of Bitcoin ETF Might Result in One of Biggest Crypto Rugpulls, Analyst Predicts

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