We saw the second and biggest peak of the last year with the Bitcoin Futures ETF approval. Will the new ATH Spot come with ETF approval this year? This is needed for Bitcoin to move beyond the $70,000 level and walk towards its six-digit targets.
Bloomberg Intelligence analysts James Seyffart and Eric Balchunas said that spot bitcoin (BTC) exchange-traded funds (ETFs) could begin to receive some approvals by mid-2023, when a rule change is proposed by the US Securities and Exchange Commission (SEC) to redefine exchanges.
“Broadening the definition of an exchange could bring crypto platforms under the SEC's regulatory framework, removing the agency's primary objection to the products. Once crypto exchanges become compliant, the primary reason the SEC rejects spot Bitcoin ETFs will no longer be valid, possibly paving the way for approval. "
The two expect the change to be completed between November of this year and May of 2023.
The SEC continues to reject scrutiny or issue a deferral notice for decision on all applications for US spot bitcoin ETFs submitted to it, citing its concerns about protecting investors. Spot Bitcoin ETF applications by WisdomTree and One River have been postponed to a later date.
World-renowned financial institutions have made applications to the SEC for the Spot Bitcoin ETF. Any future confirmation will have a catalytic effect on the Bitcoin price. Cryptocurrencies and Bitcoin are now on the radar of the world's largest financial institutions. They find their place in the law booklets of the states. Banks offer crypto custody or investment services to their customers, even giants like JPMorgan are developing products that focus on cryptocurrencies.
There are a few big developments that can bring the new ATH pleasure to the Bitcoin price. For example, a few giant companies such as Apple add Bitcoin to their balance sheet as Tesla did, or the G20 countries start to hold Bitcoin. The third major development will be the SEC's approval of the Spot Bitcoin ETF. A few years from now, we will see that perhaps all of these developments, which we call big news, are real.