The Bitcoin ETF is awaiting approval from the SEC amid a massive paperwork process, with the market hopeful as Bitcoin rises by 7.12% to $45,750 ahead of the crucial decision date.
As the long-awaited deadline for approving the Bitcoin ETF nears, the U.S. Securities and Exchange Commission (SEC) faces a tight deadline with a large stack of paperwork still awaiting processing. However, the market remains optimistic.
FOX Business reporter Eleanor Terrett expressed doubt about immediate approval, emphasizing that the SEC cannot be predicted, but the recent rise in Bitcoin prices indicates optimism in the market.
Cryptocurrency expert Scott Melker speculated that the ETF could be approved today, January 2nd. However, Terrett compared the situation to the approval of Ethereum futures contracts in October last year, acknowledging the SEC’s tighter timeline.
FOX Business correspondent Charles Gasparino added that the SEC’s workload could lead to a delay in the announcement until the end of the week.
If the SEC successfully approves proposals from companies like BlackRock and Fidelity before January 5th, it would be slightly ahead of popular predictions. Bloomberg analysts predict approval to take place around January 8-10, in line with earlier expectations.
