Bitcoin’s Value Jumps Over $44K as Optimism Grows for Approval of Spot BTC ETF

Bitcoin (BTC) has made a strong recovery, surging to $44,500 and regaining most of its recent losses after a brief decline. Investors are feeling optimistic as they believe that the United States may be on the verge of approving a Bitcoin exchange-traded fund (ETF).

Despite a recent report from Matrixport expressing doubt about the approval of a Bitcoin ETF, the crypto community remains positive and unaffected by this news. Many still believe that the U.S. Securities and Exchange Commission (SEC) will likely approve the applications, possibly as early as Friday. According to a Bloomberg analyst, the SEC is close to completing its review of the applications, allowing companies to make any necessary last-minute changes.

Adding credibility to the optimism, TechCrunch reporter Jacquelyn Melinek, citing reliable sources, stated that the SEC is on the brink of approving multiple applications.

Currently, Bitcoin’s value has increased by 4% in the past 24 hours, trading at $43,750, according to the Coinpedia report. This demonstrates its resilience as it bounces back from yesterday’s dip below the $41,000 mark.

Surprisingly, a survey conducted by Bitwise and VettaFi revealed that only 39% of financial advisors expect a spot BTC ETF to be approved this year. However, 88% of these advisors consider the approval of a spot ETF to be a significant catalyst and express interest in purchasing Bitcoin after its approval. Companies like Bitwise, along with other asset managers, eagerly await the SEC’s decision on spot Bitcoin ETF applications.

Despite Matrixport’s cautionary report, Markus Thielen expects the SEC to eventually approve spot-based ETFs. However, he anticipates a potential decline in Bitcoin prices in the coming weeks due to technical indicators signaling a weakening upward trend. Looking ahead, Thielen predicts that once spot BTC ETFs are approved, investor focus will shift to Ethereum’s ether (ETH). Spot-based ether ETF decisions are expected around May, and Thielen believes that ETH will outperform BTC significantly after approval.

Tags: Bitcoin, Bitcoin ETF