Bitcoin (BTC) experienced a significant rebound during Tuesday’s European trading session, rallying from a low of $45,450 to approach the $47,000 mark once more.
On Monday, the leading cryptocurrency surged past the $47,000 threshold for the first time in nearly two years, fueled by intense anticipation surrounding the approval of spot-bitcoin exchange-traded funds (ETFs).
CNBC’s Kate Rooney, citing informed sources, reported that approvals for these applications are now broadly anticipated to occur within the week, with trading likely to start on either Thursday or Friday.
January 10 marks a crucial deadline for the SEC to decide on the Ark 21Shares application.
Matteo Greco, an investment analyst at Fineqia International, forecasted that the SEC’s decision regarding 21Shares would be communicated by January 10. He also anticipated that the SEC would likely inform the other 12 applicants of their approval status on the same day, aiming to prevent 21Shares from gaining an early advantage in the market.
#Bitcoin experienced a significant rebound during Tuesday's European trading session, rallying from a low of $45,450 to approach the $47,000 mark once more. #BTC On Monday, the leading #cryptocurrency surged past the $47,000 threshold for the first time in nearly two years,… https://t.co/9cClaO1giD pic.twitter.com/1Kojg3r7DT
— Share_Talk ™ (@Share_Talk) January 9, 2024
Bitcoin’s trading volumes have seen a notable increase as well.
Data indicates that since the beginning of the year, Bitcoin has seen a daily trading volume of approximately $14.1 billion, a 61% rise from the $8.75 billion recorded in the previous week.
Greco observed a clear link between the spike in trading volumes and the impending decision on BTC Spot ETFs, particularly when analyzing the daily spot volume on centralized exchanges through a weekly moving average.
The Grayscale Bitcoin Trust (GBTC), the largest trust dedicated solely to Bitcoin, has significantly reduced its discount in anticipation of its conversion into an ETF this week. As of this writing, the GBTC discount to its net asset value (NAV) is below 6%, a substantial improvement from the nearly 50% discount seen in early 2023.
Matteo Greco from Fineqia International reiterated his prediction that the SEC would communicate its decision to 21Shares by January 10 and is expected to inform the majority, if not all, of the other 12 issuer applicants of their approval status on the same day.
This strategy is designed to level the playing field, preventing 21Shares from securing an early advantage over its competitors.
Currently, Bitcoin’s price is $46,877.27 as of 5:08 p.m., reflecting a modest increase from its earlier position.
