{"id":144652,"date":"2023-09-01T15:45:52","date_gmt":"2023-09-01T10:15:52","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=144652"},"modified":"2023-09-01T15:45:52","modified_gmt":"2023-09-01T10:15:52","slug":"bloomberg-analysts-raise-spot-bitcoin-etf-odds-to-75-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bloomberg-analysts-raise-spot-bitcoin-etf-odds-to-75-crypto-news\/","title":{"rendered":"Bloomberg Analysts Raise Spot Bitcoin ETF Odds To 75% – Crypto News"},"content":{"rendered":"

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Following the Grayscale lawsuit judgment against the US Securities and Exchange Commission (SEC)<\/a>, analysts expect the United States to have a higher chance of getting approval for the country\u2019s first ever spot Bitcoin ETF.<\/p>\n

Also Read: US DOJ Digs for Answers in Sam Bankman-Fried\u2019s Defense<\/strong><\/a><\/p>\n

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Spot Bitcoin ETF Approval Chances Rise<\/h2>\n

In a significant development, two Bloomberg analysts Eric Balchunas and James Seyffart revealed the improved chances of approval for the spot ETF in the United States. This comes after the US Court ruling on August 29, 2023, granting the Grayscale motion to convert the company\u2019s Bitcoin Trust (GBTC) into a spot Bitcoin ETF. Earlier, Balchunas stated<\/a> that the chances of spot ETF approval now reached 75% in 2023, which means the odds are more for the nod than not. He tweeted:<\/p>\n

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\u201cJames Seyffart and I are upping our odds to 75% of spot bitcoin ETFs launching this year (95% by end of \u201924). While we factored Grayscale win into our prev 65% odds, the unanimity & decisiveness of ruling was beyond expectations and leaves SEC w \u201cvery little wiggle room.\u201d<\/p>\n<\/blockquote>\n

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Further, the analyst left little room for the ETF approval to drag into the later stages of the year 2024. Hence, the new developments could most likely fall just in time for a massive Bitcoin BTC price<\/a> rally before the crucial Bitcoin Halving event in the second quarter of 2024. The analysts further said that the US SEC could likely fall short of justifying more and more denials of the spot ETF applications. \u201cThe agency will struggle to justify further denials as it faces deadlines,\u201d Balchunas added.<\/p>\n

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Grayscale Win Accelerates Bitcoin ETF Race<\/h2>\n

On the other side, big financial institutions of the likes of Blackrock and Fidelity are vying for obtaining the first ever spot BTC ETF from the federal regulatory agency. Following the Grayscale victory in the lawsuit, the crypto community is unanimously bullish of a higher chance of the ETF approval soon.<\/p>\n

Also Read: Terra Luna Classic L1TF All Set For v2.2.0 Core Upgrade, LUNC Price Jumps 5%<\/strong><\/a><\/p>\n

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Anvesh reports major crypto updates around regulation, lawsuits and trading trends. Published around 1,000 articles and counting on crypto and web 3.0. He is currently based in Hyderabad, India. Reach out to him at anvesh@coingape.com or twitter.com\/BitcoinReddy <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Following the Grayscale lawsuit judgment against the US Securities and Exchange Commission (SEC), analysts expect the United States to have a higher chance of getting approval for the country\u2019s first ever spot Bitcoin ETF. Also Read: US DOJ Digs for Answers in Sam Bankman-Fried\u2019s Defense Spot Bitcoin ETF Approval Chances Rise In a significant development, […]<\/p>\n","protected":false},"author":2,"featured_media":114638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-144652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/144652","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=144652"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/144652\/revisions"}],"predecessor-version":[{"id":145918,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/144652\/revisions\/145918"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/114638"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=144652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=144652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=144652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}