Bitwise Spot Bitcoin ETF Listed on DTCC

Paigambar Mohan Raj
Source: CryptoSlate

Bitwise Asset Management has become the latest firm to have its spot Bitcoin (BTC) ETF (Exchange Traded Fund) listed on the Depository Trust and Clearing Corporation (DTCC) under the ticker name $BITB. The move is in a positive direction as chances of a spot BTC ETF approval in the US have significantly increased. Bitwise now joins Fidelity, whose spot BTC ETF was listed on the DTCC last week.

Also Read: Fidelity’s Spot Bitcoin ETF Listed on DTCC

Although a spot BTC ETF in the US is yet to face approval, Matt Hougan, Chief Investment Officer at Bitwise, said that the team is “preparing as though there’s going to be a launch.

Hougan also stated, “We’re preparing marketing and sales strategies and press and all those things, and we’re working with regulators to try to push things ahead.

Hougan also said he has met with regulators to discuss the firm’s application. He added that “all the firms” meet with the SEC regularly.

The race for a spot Bitcoin ETF is heating up. According to Bloomberg analysts, there is a 90% chance that the US SEC (Securities and Exchange Commission) will approve a spot BTC ETF by Jan. 10.

Bitwise predicts $80,000 for Bitcoin in 2024

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Bitwise has predicted that BTC could hit new heights in 2024. According to Ryan Rasmussen, a senior crypto research analyst at Bitwise Asset Management, BTC will hit a new all-time high in 2024. Moreover, he stated that “the spot Bitcoin ETF will be the most successful ETF launch of all time.

Also Read: Bitcoin: Anthony Scaramucci Predicts Spot BTC ETF Approval Date

The analyst’s biggest prediction is BTC hitting $80,000 in 2024. The price increase would translate to a growth of about 87% from current levels.

Apart from the possibility of a spot BTC ETF approval, the original crypto will also undergo its next halving cycle in April next year. Halving cycles are bullish events as they reduce the supply of an asset. Both developments, the halving, and the spot BTC ETF approval, could propel the cryptocurrency market into another bull run.