Bitcoin and select altcoins are trading above their respective support levels as traders await the SEC’s decision on each spot Bitcoin ETF application.
Cryptocurrency traders keenly await the decision of the United States Securities and Exchange Commission (SEC), which is widely expected to approve one or more spot Bitcoin (BTC) exchange-traded fund (ETF) applications by Jan. 10.
What happens to Bitcoin’s price if a spot BTC ETF is approved remains the key question in the trader’s mind. Analysts remain divided, with some expecting the continuation of the rally while others anticipating a sell-off following the news.
Irrespective of the short-term price implications of the event, the ETF approval will likely be bullish for long-term investors. If one or more Bitcoin ETFs are approved, it will boost the sentiment of the entire sector and increase the hopes that eventually Ethereum ETF applications in the U.S. may also see the light of day.
