Bitcoin Hits $36,700 as SEC Considers Approving Spot BTC ETFs

The top cryptocurrency Bitcoin has reached another price hike, touching $36,700. The respective development takes place as the analysts theorize that an 8-day window is open for the US SEC to Approve Applications for Spot Bitcoin ETFs. The analysts say that the respective window will be open from 9 to 17 November. During the respective period, the United States Securities and Exchange Commission (SEC) will potentially approve the twelve pending applications.

BTC Climbs at $36,700 While Analysts Predict Authorization of Spot Bitcoin ETFs

Eric Balchunas and James Seyffart (the ETF strategists at Bloomberg) discussed this in their exclusive research note. The short window for the authorization of the spot Bitcoin ETFs could witness the Grayscale Bitcoin Trust’s conversion, they added. As the analysts argue, iShares Spot BTC ETF’s listing could also take place during this time.

New Research note from me today. We still believe 90% chance by Jan 10 for spot #Bitcoin ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur pic.twitter.com/u6dBva1ytD

— James Seyffart (@JSeyff) November 8, 2023

They mentioned that when the securities regulator prolonged the deadline for the awaiting ETF applications, it picked 8 November. The agency specified the respective date to be the last day concerning the rebuttal comments. Another possibility is that the agency could authorize many from the current time to 17 November.

Also Read: Bitcoin Weekly Price Analysis – BTC Exploded $35k Amid Growing ETF Excitement

Nonetheless, it requires the entirety of the ETFs to begin trading on the same day. Seyffart disclosed that the respective window will reach its end by the 17^th of November. Nevertheless, the Securities and Exchange Commission could decide on the initial 9 filings before the 10^th of January next year.

What Scott said: There are TWO paths that need to be completed for an ETF launch. Even if 19b-4 is approved, S-1s still need sign off from division of Corp Fin. No sign that's done yet. Possible and even likely that there could be weeks or even months between approval & launch https://t.co/LZSdutmlT8 pic.twitter.com/7OLj5HjSDy

— James Seyffart (@JSeyff) November 8, 2023

Bitcoin (BTC) Sees a 30% Increase in Its Price, Showing an Increase in Investors’ Optimism

Following that, the Bloomberg analyst focused on the significance of accomplishing a couple of important moves. As per Seyffart, these steps should precede the start of trading of the pending. In line with this, the optimism of the Bitcoin investors is clear as the top crypto asset’s 30% price rally proved in the last month.