A rare joint meeting over the phone was held with competitors to launch “instant” Bitcoin exchange-traded funds (ETFs). This unprecedented gathering, as the deadline for the Securities and Exchange Commission’s decisive decision approaches on January 10, has sparked excitement throughout the community.
There is a clear sense of anticipation in the air as the Securities and Exchanges Commission nears its decision on Bitcoin ETFs. With less than 20 days left until the regulatory body makes its final decision, the excitement is palpable.
Anthony Scaramucci’s theory suggests that the announcement may come as a surprise during the quiet holiday period – a strategic move to keep it under the radar.
This could change the game for the market, with the possibility of billions of dollars flowing into the emerging asset class.
A Sea of Speculation
At the same time, expectations for Bitcoin’s price trajectory have become wild.
Analysts at QCP Capital are looking at a resistance zone ranging from $45,000 to $48,500 for Bitcoin.
But not everyone is wearing rose-tinted glasses.
At J.P. Morgan, analysts are taking a more cautious note and expect the optimism surrounding ETFs to be somewhat exaggerated.
They point to lukewarm responses to Bitcoin ETFs in Europe and Canada as a sign that the U.S. market may not adopt the new investment tool with the enthusiasm that some hope for.
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