Bitcoin ETF Approval: Mark Your Calendars For January As SEC Decides Crypto's Fate

Scott Johnsson, a general partner at Van Buren Capital, is hyping up the "official" date range for when regulators will approve Spot Bitcoin Exchange-Traded Funds (ETFs).

What Happened: Johnsson, citing a letter from Sherry Haywood of the U.S. Securities and Exchange Commission, expects approval to take place sometime between Jan. 5 and Jan. 10, 2024.

His comment echoes previous statements from Bloomberg analyst Eric Balchunas who, on Nov. 29, said there is a 90% probability of a Bitcoin ETF approval by Jan. 10.

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Now official. https://t.co/NONkklEJq2 pic.twitter.com/V2Q2L3u5o9

— Scott Johnsson (@SGJohnsson) December 1, 2023

Why It Matters: The pending decision represents a significant milestone in the cryptocurrency sector as it could pave the way for greater mainstream adoption and investment in Bitcoin and other digital assets.

The SEC is currently reviewing applications from various firms including BlackRock BLK, Grayscale, 21Shares & Ark, Bitwise, VanEck, Wisdomtree, Invesco & Galaxy, Fidelity, and Valkyrie. However, there is a possibility of further delays.

On Friday, Bitcoin's value soared, reaching approximately $39,000, marking its highest level since May 2022.

Despite regulatory pressures in the cryptocurrency sector, including Binance's BNB/USD recent $4.3 billion settlement, the digital currency achieved notable gains.

In the week of Thanksgiving, Bitcoin's value increased by roughly 5%, and it's projected to rise close to 3% in the current week.

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