The founder of PawZone Non-fungible token (NFT) marketplace, known on the X app as @jds_updates believes strongly that the coming of a spot Bitcoin ETF approval from the SEC will trigger an immense upside for Shiba Inu (SHIB) and even PawZone (PAW).<\/span><\/p>\n The PawZonefounder hinted at the possibility of having other cryptocurrencies launch their own Exchange-Traded Funds (ETFs) once the SEC approves the current filings for spot Bitcoin ETF. From his post on the X app, one could infer that he is positive about the effect that the proposed rule change will have on both SHIB and PAW.<\/span><\/p>\n <\/p>\n \u201cI personally believe $SHIB and $PAW (PAWZONE) are only getting started as the overall crypto market experiences one of the biggest catalysts of all time,\u201d he said, adding that \u201cMany catalysts in crypto have led to a \u2018buy the rumor, sell the news\u2019 scenario.\u201d<\/span><\/p>\n Just like other industry experts have analyzed, the PawZone executive also stated that Bitcoin ETFs will cause a significant influx of funds into the Bitcoin ecosystem as well as into the new product. Some of these experts have speculated that the Bitcoin ETF will drive billions of dollars into the crypto market, causing the total crypto market capitalization to jump significantly.\u00a0<\/span><\/p>\n Already, the talks about a fast-approaching spot Bitcoin ETF approval from the SEC have been contributing to the price rally of the underlying token.\u00a0<\/span><\/p>\n <\/p>\n <\/p>\n At the time of this writing, BTC is trading at $43,639.22, a significant pivot from its value exactly a year ago. A few days ago, Matrixport Research predicted <\/a><\/span>that BTC\u2019s price could breach the $50,000 mark in January 2024, with a 95% chance of Bitcoin ETF approval.<\/span><\/p>\n Meanwhile, the odds of receiving approval from the SEC over the proposed rule change for <\/span>BlackRock<\/span>, Fidelity Investments, WisdomTree, ARK 21Shares, Bitwise, Grayscale Investments, and many others, are no longer at 95%, according to Mike Alfred.\u00a0<\/span><\/p>\n Last week, the valued investor and advisor <\/span>highlighted<\/span> that the odds are now at 98.7%<\/a>, and unsurprisingly, pro-XRP lawyer John E. Deaton agrees with him.<\/span><\/p>\n Amidst these speculations, the SEC has asked all applicants to submit the final amendment<\/a><\/span>\u00a0of their S-1 filing by December 29 if they intend to be part of the first wave of spot Bitcoin ETF approval. <\/span><\/p>\n <\/p>\n \u2713 Share:<\/p>\nMore Crypto ETF Products to Emerge<\/strong><\/h2>\n
Bitcoin ETF Hype and Potential Price Impact<\/strong><\/h2>\n
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