Bitcoin Price Prediction: BTC Steady Near $34,000 Amid ETF Buzz, UK Law & FTX’s Crypto Shift
, the pioneering cryptocurrency, faced a slight setback as it dipped to 34,146, marking a nearly 1.75% decline this Friday. This downturn comes amidst a flurry of activity in the crypto sphere. The US Securities and Exchange Commission (SEC) has been flooded with eight to ten potential Bitcoin ETF product submissions, hinting at an evolving landscape.
Meanwhile, across the pond, the UK government has greenlit legislation that empowers law enforcement to seize Bitcoins involved in illicit activities. Not to be overshadowed, FTX makes its second significant stride by channeling millions in cryptocurrency to centralized exchanges, underscoring the dynamic shifts in the digital currency arena.
There is growing anticipation for the approval of a spot Bitcoin exchange-traded fund (ETF) as the U.S. Securities and Exchange Commission (SEC) is currently reviewing eight to ten applications for Bitcoin exchange-traded products (ETPs). Consequently, investors have been acquiring Bitcoin in anticipation of the SEC’s decision.
The expectation is that the approval of a spot Bitcoin ETF, which would offer direct listed product exposure to cryptocurrencies, is on the horizon.
U.S. SEC has 8-10 filings of possible bitcoin ETF products https://t.co/vHHH2ZTLTU
— The Globe and Mail (@globeandmail) October 26, 2023
As of now, the SEC has only approved ETFs tied to Bitcoin futures contracts. Prominent firms that have submitted applications for Bitcoin funds include ARK Invest, BlackRock, Bitwise, WisdomTree, Fidelity, and Invesco. The market’s apprehension regarding these forthcoming ETF decisions might be contributing to the recent dip in Bitcoin prices.
In the UK, new legislation has empowered authorities to seize and freeze cryptocurrencies,
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