Why December 2023 Is Key To Crypto Market?
Bitcoin price could likely reach a pivotal point in December 2023, when experts predict the likelihood of major regulatory developments.
At a time when the crypto market is maintaining bullish momentu, over speculation of Bitcoin ETF approval chances, Bloomberg ETF analysts James Seyffart and Eric Balchunas on Wednesday raised their odds of approval from the U.S. Securities and Exchange Commission (SEC) to an encouraging 65%. This jump is significant compared to 1% a few months ago and 50% within a space of few weeks. Meanwhile, the Bitcoin price continues to maintain sideways action amid optimism over the ETF filings.
Several asset managers including Blackrock, Citadel, Valkyrie and Fidelity are vying for the first ever spot Bitcoin approval while Grayscale is fighting it out in the court against the SEC for conversion of Grayscale Bitcoin Trust (GBTC) into a spot ETF.
This makes it interesting as to which application would first be given the nod.
Blackrock Favorite To Get ETF Approval First?
The analysts cited the recent comment by SEC Chair on the significance of collective decision of all the agency commissioners as a reason for increased optimism on ETF approval. Other reasons include the SEC’s nod to trading of Bitcoin but not altcoins and the Blackrock filing. Meanwhile, John Deaton, the lawyer representing XRP token holders in the Ripple Vs SEC lawsuit, agreed with the analyst prediction that a Grayscale win in the GBTC case was coming. “Fairly applying the law with sound reasoning = the SEC loses,” he said.
When it comes to the timeline for Grayscale case ruling, Seyffart predicts a possibility of verdict coming out before the end of the year 2023. ” I think your best hope is approval after December 31, 2023 but before September 1, 2024.” Another important event for the crypto market, the Bitcoin Halving, is scheduled tentatively for April 2024.
