It has been just revealed the fact that the spot Bitcoin ETF is the most important short-term catalyst that we have for Bitcoin these days. Check out the latest reports about the matter below.
Huge BTC catalyst
Analysts at Cantor Fitzgerald, a financial services firm that provides prime brokerage and investment banking services, believe that the highly-anticipated spot Bitcoin exchange-traded fund (ETF) is about to become a reality.
According to Bloomberg News, the firm is increasingly confident that the Security Exchange Commission (SEC) will approve the applications from asset managers to launch a spot ETF for Bitcoin.
The SEC has been hesitant to approve such a product due to the fear of manipulation on offshore spot platforms. However, the agency might approve new applicants because of the market surveillance procedures they have proposed.
“A comprehensive surveillance-sharing agreement with a regulated market of significant size” would mollify regulators, the firm’s Josh Siegler and Will Carlson noted.
The analysts believe a spot ETF approval would be a significant short-term catalyst for bitcoin’s price, adding approval would be “a bedrock moment for Bitcoin’s long-term adoption and legitimization.”
They described approval as the “most-important short-term catalyst.”
According to the online publication The Block, the SEC has rejected several proposals in the past due to concerns about lack of information sharing among exchanges to prevent market manipulation.
However, BlackRock has submitted a proposal in June that has received attention.
This proposal includes an agreement with Coinbase to detect and address any market irregularities.
The recent surge of Bitcoin’s value is linked to the potential approval of a spot ETF, with the cryptocurrency appreciating towards $35,000 earlier this month.
Stay tuned for more news from the crypto space and make sure to check out the market as well. There are various optimistic predictions about the price of BTC and more.
