The prospect of SEC approval for spot Bitcoin exchange-traded funds (ETFs) has renewed optimism in the crypto community.
Major asset managers like BlackRock, Invesco, and ARK Invest have engaged in extensive talks with the SEC nowadays, signaling meaningful progress in getting Bitcoin ETFs the regulatory green light.
The most recent news on Bitcoin ETF approvals suggests that there is growing optimism around the potential acceptance of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). BlackRock’s revamped spot Bitcoin ETF model and discussions between the SEC and various asset managers indicate a significant advancement in the approval process.
As Cryptonary analyst recently told his 80,000 X (Twitter) followers, talks between the SEC and prospective Bitcoin ETF issuers show growing momentum:
“Conversations have started to heat up, with lots of correspondence regarding the necessary adjustments to filings. This is phenomenal news and affirms the likelihood that applications will be approved.”
The intensifying correspondence between the SEC and prospective ETF issuers addresses necessary adjustments to filings to meet regulatory standards. This bodes well for eventual approvals and confirms the improving prospects.
What Will Bitcoin ETF Approval Mean for Prices?
Assuming ETFs get the green light in early January, will Bitcoin immediately skyrocket in response? As Cryptonary told his followers:
“Let’s say the ETF applications are approved in early January, will BTC immediately rocket? Remember, the ETFs will take 4-8 weeks to set up before there can be capital inflows. Because of this, we see the ETF approvals as a short-term sell-the-news event following the initial pump on the day.”
He believes too many folks will expect an instant influx of new investments into the ETFs. Realistically this is unlikely to materialize instantly. So Cryptonary sees potential for a meaningful Bitcoin price correction in Q1 2024 post-ETF launch.
But after that dip, he expects nice upside price action from April onward, barring unforeseen black swan episodes. Until the SEC delivers its verdict, Cryptonary anticipates continued positive momentum for Bitcoin and altcoins.
Bitcoin Price Correction Well Underway
Veteran analyst Moustache recently updated his 85,000 X (Twitter) followers on Bitcoin’s price chart. He remains bullish on the long-term outlook despite the current retracement from 2023 highs:
“No reason to panic imo. Everything is going according to plan. I have shared this Chart here many times in the past. – $BTC reclaimed the trend line, just like in 2020. – Retest is in progress. After that, the upward trend should continue.”
As a reminder, Bitcoin experienced a sharp 7.5% plunge on Monday morning, marking its largest intraday decline since mid-August. The cryptocurrency’s value tumbled in the massive and sudden sell-off, evidenced by the jarring red candle on price charts.
While Bitcoin has still gained over 150% year-to-date, the latest nosedive highlights the enduring volatility of the world’s biggest cryptocurrency. Even after recent yearly all-time highs, BTC remains susceptible to flash crashes that can wipe out a significant share of recent gains in a matter of minutes.
At press time, BTC is trading around $41,000.
Bitcoin ETF Token – New Coin Capitalizing on ETF Hype
As crypto enthusiasts eagerly track a dozen proposed Bitcoin ETFs awaiting SEC decisions in January 2024, Bitcoin ETF Token (BTCETF) positions itself to ride any potential approval wave.
BTCETF’s current $0.0066 price will slowly rise as the token commences its next presale stage today. The presale already amassed over $3.7 million in just a few weeks.
BTCETF also recently announced plans to burn 25% of its total supply per its five-phase deflationary strategy. The whitepaper specifies destroying tokens based on major Bitcoin ETF milestones – like the SEC’s first approval of a spot Bitcoin ETF. Deleting coins boosts scarcity and incentives holding BTCETF long-term.
The project similarly employs a dynamic 5% transaction tax on all trades, which declines 1% each time an ETF goal occurs – until the tax reaches 0% once all targets complete. This sliding tax rewards early BTCETF buyers who hold through the SEC approval process.
BTCETF additionally lets users lock up tokens to earn staking yields, presently set at 90% yearly.
At its foundation lies an innovative token burn mechanism that will permanently destroy 25% of the total 2.1 billion supply when the SEC eventually greenlights the first spot Bitcoin ETF. Cutting circulating supply increases scarcity and creates long-term holding incentives.
BTCETF Presale
Looking to capitalize on the hype leading up to a Bitcoin ETF, the BTCETF presale lets buyers acquire tokens pre-listing at discounted prices. With nearly $5 million hard cap, the presale comprises ten rounds – offering 84 million BTCETF per stage at progressively higher costs.
As anticipation builds ahead of a major crypto industry shift, Bitcoin ETF Token offers a well-timed opportunity to gain leverage to this crucial theme.
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