Cantor Fitzgerald becomes the latest in a long line of financial institutions that believe a spot Bitcoin ETF approval is inevitable.
Analysts Josh Siegler and Will Carson from Cantor reveal that the SEC will likely green-light a Bitcoin ETF in the coming months, largely due to Grayscale’s legal victory against it. The DC Circuit court ruled in August that the SEC was wrong to reject Grayscale’s spot ETF application and accused the agency of acting arbitrarily and capriciously.
Cantor analysts also highlighted the importance of “a comprehensive surveillance-sharing agreement” in gaining SEC’s approval, considering that it addresses the agency’s concerns regarding market manipulation. For instance, BlackRock’s spot ETF application reveals that the TradFi giant has a surveillance-sharing agreement with Coinbase.
Spot Bitcoin ETF Continues To Gather Steam, Experts Give Bitcoin Price Prediction
Cantor Fitzgerald analysts are not the only ones who are bullish on the approval of a spot Bitcoin ETF. Recently, a JPMorgan report also stated that the approval is imminent and that the SEC will likely green light multiple applications at the same time to eliminate any first-mover advantage.
The JPMorgan report highlighted 10th of January, 2024 as a day to look out for, considering that it is the final deadline for ARK Invest’s application. An approval could come days before it. In fact, Mike Novogratz of Galaxy HQ believes that the SEC could give its nod this year itself.
Cathie Wood of ARK Invest also revealed an improvement in the SEC’s attitude towards the issuers. Cantor analysts also took cognizance of the SEC’s improved attitude, highlighting that many of the issuers re-filed their applications over the past week. This suggests that the issuers and the SEC are engaged in a meaningful conversation.
If these predictions turn out to be true, the Bitcoin price will display an explosive bull rally after the approval. In fact, BTC surged close to 25% over the past week, with experts revealing that the market seems to be front running the ETF approval. The upcoming Bitcoin halving and an end to the Federal Reserve’s hawkish monetary policy will also catapult BTC to new highs.
Michael van de Poppe of MN Trading believes that BTC could hit the $45k – $50k price range even before the halving. In the short term, he believes that the token could surge to $38k where it will face a crucial resistance.
However, traders such as @JohalMiles are significantly more bullish, believing that the Bitcoin price could make a new all-time high before halving, considering the hype surrounding the event.
Meanwhile, BTC continues to trade above its 200-week Moving Average and its bull market support band, both indicative of the fact that the bull market could have already started. The BTC dominance also continues to make new local highs.
New Crypto Mining Token Bitcoin Minetrix Approaches $3 Million Milestone In ICO
With the BTC price starting to display extreme bullishness, the Bitcoin mining industry is expected to turn extremely profitable in the coming days. Consequently, a new cryptocurrency – Bitcoin Minetrix – is gaining strong traction in its ICO, considering it makes it easier for retail investors to cloud mine Bitcoin and earn rewards.
Over the past decade, retail investors have been phased out of the crypto mining industry as the required technical expertise and capital investment continue to rise. Wealthy corporations and giant mining pools have replaced them.
The Bitcoin Minetrix project is attempting to challenge this monopoly through its decentralized cloud mining platform. Investors can purchase $BTCMTX tokens and stake them to earn mining credits. These credits can be burned in exchange for cloud mining time or a percentage of the yield, both options leading to passive BTC rewards.
This decentralized approach also eliminates the fear of any scam or centralization risks, something that previously deterred investors from trusting other cloud mining platforms.
Investors can stake their tokens in the presale itself and start to earn staking rewards – the $BTCMTX staking pool is currently offering an APY of 222%, offering an excellent opportunity to generate passive income.
Due to Minetrix’s in-demand utility, the $BTCMTX token has already raised over $2.6 million and is quickly approaching the $3 million mark.