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The wait for the U.S. Securities and Exchange Commission (SEC) to respond to spot bitcoin exchange-traded fund (ETF) applications continues, with a final deadline for at least one application approaching on Wednesday. The SEC must decide whether to approve or reject Ark 21 Shares’ application by Jan. 10, and may approve all of the final applications it is comfortable with by that date. Bitcoin has been consolidating after reaching a 21-month high of almost $46,000 as it awaits clarity on the decision. On Monday, bitcoin gained around 2% to reach $45,000 after dropping to $43,400 over the weekend. If the SEC does not approve spot ETFs this week, LMAX Digital said there could be a significant decline in price but noted, “we also expect any pullbacks to be exceptionally well supported above $30k in 2024.” However, if there is an approval, LMAX said it will translate to an immediate rally to the tune of 10%-15%.
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