Bitcoin is on the cusp of the $30,000 mark as investors bet on ETF approval. The markets are turning, and it looks like Bitcoin will break higher from here.
Bitcoin is currently trading at $29,538, up to 3.44% in the last 24 hours, according to CoinMarketCap. The flagship cryptocurrency surpassed $30,000 earlier as optimism on exchange-traded fund (ETF) approval grew.
Bitcoin Gains Bullish Momentum
JPMorgan said today that the U.S. Securities and Exchange Commission (SEC) will likely approve at least a Bitcoin spot ETF before Jan. 10, 2024. The date is also the due date for the SEC’s decision on Ark 21Shares application.
Previously, CEO of Ark Investment Cathie Wood told CNBC that Ark 21Shares’ application is progressing and the SEC showed changes in behavior.
JPMorgan’s comment is broadly in line with the predictions of Eric Balchunas and James Seyffart, ETF analysts at Bloomberg Intelligence. The two experts…
