Experts suggest a strong likelihood of a favorable decision from the U.S. Securities and Exchange Commission (SEC).
Matrixport analysts predicted that the cryptocurrency’s price could surge to $50,000 in Jan. following the approval of Bitcoin ETF applications.
The research also emphasizes that this event should not be perceived as a ‘sell-the-news’ scenario. In fact, after the SEC’s decision, Bitcoin (BTC) is poised to become an accessible and legal asset for institutional investors.
The entire crypto and financial community is eagerly awaiting the final answer from the regulator. Until Jan. 10, the SEC will be accepting applications from companies to approve or deny Bitcoin ETF. Insider information from Vox Business suggested that the decision could be made by the end of the week, possibly as early as today or Wednesday, due to paperwork considerations.
Matrixport highlights that a lack of cryptocurrency supply may be influencing the rise in BTC prices. This is attributed to the aftermath of the FTX exchange collapse, which triggered a domino effect across the crypto market, causing many to withdraw their assets into cold wallets. Analysts estimate that approximately 70% of the total Bitcoin in circulation has been inactive for the past year.
Additionally, the constrained cryptocurrency supply is attributed to the growing difficulty of mining. As of Dec., we reported that the Bitcoin network difficulty had surged to 72.0T (terahashes), marking its highest point on record. This suggests that miners are facing more difficulties in mining the coin, spending more resources and time.
Bitcoin’s upcoming halving is another factor contributing to supply constraints. Historically, the price of BTC has experienced a significant surge after that. The next halving is approximately 105 days away.
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