The SEC’s decision on the spot Bitcoin ETF applications could impact altcoins like ICP, ARB, STX and MKR.
Bitcoin (BTC) bulls are likely to remain on the edge of their seats as the spot BTC exchange-traded fund verdict nears. Analysts anticipate the United States Securities and Exchange Commission to take a call on the spot Bitcoin ETF applications between Jan. 8 and Jan. 10.
Will Bitcoin soar if one or more spot Bitcoin ETFs are approved? That is the central question on investor’s minds. Bitcoin’s price is likely to spike after the approval of the ETFs, but after the initial euphoria, traders may start booking profits in a classic case of buy the rumor and sell the news.
If the regulators do not approve the spot Bitcoin ETF, a sharp sell-off is possible. However, it is unlikely to start a bear market as traders will quickly shift focus to Bitcoin halving in April, limiting the downside. In addition, the narrative that the Bitcoin ETFs may eventually be approved could bring the bulls back at lower levels.
