Bitcoin Price Prediction as Gary Gensler Says SEC Taking ‘New Look’ at Spot BTC ETFs – Approval Coming?
In the dynamic landscape of cryptocurrency, Bitcoin, the pioneering digital currency, has recently seen a downturn, slipping below the $43,000 threshold. This decline aligns with the broader crypto market, which witnessed a 0.25% drop in its global market cap, now standing at $1.61 trillion.
This shift comes amidst the US Consumer Price Index release, which has influenced market trends.
#bitcoin will dip again to 42K$, I said last week , $BTC will swing in between 42-44k$ and it will close this month at 45K$ ✅ pic.twitter.com/nyfAQ2awHK
— Crypto GVR (@GVRCALLS) December 15, 2023
Despite a bearish US dollar, the crypto sector remains focused on pivotal developments, including the US Federal Reserve’s hint at potential rate cuts by 2024 and the SEC’s reconsideration of spot Bitcoin ETFs, both of which could significantly impact Bitcoin’s trajectory in the coming year.
As anticipation builds for a strong start in 2024, with events like the potential approval of a Bitcoin ETF, the market remains attuned to these macroeconomic factors and regulatory changes.
It’s worth noting that the Securities and Exchange Commission (SEC) is reconsidering applications for spot Bitcoin Exchange-Traded Funds (ETFs) following recent court rulings.
SEC Chair Gary Gensler stated they are undertaking a ‘fresh evaluation’ of these applications, spurred by a court order related to Grayscale Investments’ attempt to establish a spot Bitcoin ETF.
Previously, the SEC consistently rejected such applications, but the court’s intervention has prompted a re-examination of their stance.
Gensler says SEC's 'new look' at spot bitcoin ETF applications has involved recent court rulings https://t.co/xQEAS76rTz
— deepripper.loopring.eth
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