Bitcoin mining revenue has soared to unprecedented heights, outstripping even the lucrative days of the Ordinals frenzy earlier this year. On November 9, mining income reached about $42,386,514.038, propelled by a buoyant Bitcoin price, which climbed to over $37,000, according to data from Blockchain.com. However, this remarkable growth is closely linked to the burgeoning optimism surrounding the potential approval of a U.S. spot Bitcoin Exchange-Traded Fund (ETF) by the Securities and Exchange Commission (SEC).
Economic implications of SEC’s upcoming decision
The financial world is abuzz with anticipation as the SEC’s window for approving 12 applications for a spot Bitcoin ETF rapidly approaches. With an eight-day period starting Thursday allocated for this critical decision, the SEC’s verdict could significantly impact Bitcoin’s market dynamics. Bernstein Research, a branch of the prestigious Alliancebernstein firm, projects a high probability of the first spot Bitcoin ETF receiving SEC approval as early as January next year. This forecast signals a pivotal moment in Bitcoin’s journey toward mainstream financial recognition.
SEC sets January 2024 deadline for ETF decision
In a decisive move, the SEC has also designated January 10, 2024, as the deadline to approve or disapprove the proposed rule change for a spot Bitcoin ETF. This decision also extends to the review of the Global X Bitcoin Trust application, further underscoring the criticality of this timeframe in the cryptocurrency arena.
BlackRock, the world’s largest asset manager, filed an application for a Bitcoin ETF. The move comes as many hedge funds and investment firms also seek approval from the SEC for a similar product. BlackRock’s entry into the race earlier this year has breathed new life into the competition, adding to the growing interest in Bitcoin.
As Bitcoin’s price continues to scale new heights and the SEC’s decision on a spot Bitcoin ETF looms on the horizon, the global financial industry remains poised for potentially transformative shifts.
