Why Shiba Inu (SHIB) Is Moving

Shiba Inu SHIB/USD is trading lower by 2.7% to the $0.000008-level Thursday afternoon, pulling back following recent strength. The cryptocurrency market, including Shiba Inu, has seen volatility in recent weeks to growing optimism about the approval of a Bitcoin ETF.

Major financial firms are making adjustments to their ETF applications, and experts believe the SEC may approve a spot Bitcoin ETF soon.

The approval window for pending Spot Bitcoin ETFs has opened and will last for at least eight days. Even if approvals are not granted this month, there is a 90% probability of approval by January 10, 2024, according to Bloomberg.

See Also: Bitcoin Price Is Cooling Off - What's Going On?

Why This Matters To SHIB

The expectation of a spot Bitcoin ETF approval can lead to increased speculative trading. Traders may attempt to predict the impact of such an approval on the broader cryptocurrency market, including Shiba Inu. This speculation can cause rapid price movements as traders buy or sell based on their expectations.

If the SEC approves a spot Bitcoin ETF, it might be seen as a sign of greater institutional acceptance and adoption of cryptocurrencies, which can attract more institutional and retail investors into the market.

On the other hand, if the approval is delayed, it could lead to market disappointment and a subsequent price drop.

See Also: What's Going On With MicroStrategy Stock?

Benzinga’s Future Of Digital Assets Event in New York scheduled on Nov.14. Attend and learn more about Bitcoin prices breaching all new thresholds. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.