Indications Point to Favorable Outcome for Bitcoin ETF
Mike Belshe, CEO of cryptocurrency exchange BitGo, believes that the approval of a spot Bitcoin exchange-traded fund (ETF) is on the horizon. In an interview with Bloomberg, Belshe stated that discussions between firms seeking approval and the United States Securities and Exchange Commission (SEC) are progressing positively.
Challenges Still Ahead
Despite the optimistic outlook, Belshe cautioned that there may be further setbacks before approval is granted. He highlighted the need to improve the market structure and address the separation of crypto exchanges from custodians, as outlined by the SEC.
Former CEO's Advocacy
Belshe also referenced Sam Bankman-Fried, the former CEO of FTX, who advocated for regulatory changes in Washington D.C. Bankman-Fried's approach aimed to streamline operations and improve efficiency.
Bitcoin Fees Surge Amid ETF Excitement
The potential approval of a spot Bitcoin ETF has led to increased fees on the Bitcoin blockchain. On November 16, transaction fees reached $11.6 million, marking a 746% increase compared to a year ago.
Bitcoin Holding Steady at 18-Month Highs
Despite the fee surge, Bitcoin continues to trade near 18-month highs, surpassing its previous bear market range.
Outcomes Awaited for Bitcoin ETF Applications
Currently, 12 asset management firms are awaiting the SEC's decision on their Bitcoin ETF applications. Analyst James Seyffart predicts a 90% chance of approvals by January 10, 2024.
Magazine Feature: Bitcoin ETF Optimist and Worldcoin Skeptic Gracy Chen
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