With anticipation for the investment product reaching an all-time high, CNBC has recently stated their expectation for Spot Bitcoin ETFs to be approved on Wednesday. Moreover, the network added that trading could begin as early as Thursday or Friday of this week.
The date in question also stands as a deadline for a host of prospective issuers. However, CNCB assured that the US Securities and Exchange Commission (SEC) is likely to approve multiple applicants. Currently, there are more than a dozen applications for the investment product pending.
Also Read: All Spot Bitcoin ETF Applicants Submit S-1 Final Amendments
CNBC Predicts Approval, and Bitcoin ETF Trading, to Begin This Week
For the past several months, the digital asset market has been buzzing with the potential in store for 2024. Specifically, that excitement was connected to the expected approval of various Spot Bitcoin ETFs in the United States. Although the investment product has yet to be approved in the country, the overall perception is that fact is set to change.
Now, CNBC has predicted that Spot Bitcoin ETFs will see first approvals by Wednesday of this week. Moreover, they stated the belief that subsequent trading could begin as early as Thursday or Friday. Additionally, noting that the investment product will have several issuers receive the coveted approval nod.
Also Read: Standard Chartered: Bitcoin Could See $100B in Spot ETF Inflows
“It is now widely expected to get the green light this week,” CNBC’s Kate Rooney stated. Moreover, she referenced two sources that confirmed the January 10th deadline as the most likely date of approval. Additionally, she discussed an impending “price war,” from issuers regarding the Spot Bitcoin ETF fees.
Because the SEC is expected to approve a host of ETFs, competition will be abundant. This has already been present in the advertisement battle that started before approvals. Moreover, it has continued in pricing, with asset management firms BlackRock, Fidelity, and Grayscale attempting to compete with each other’s pricing plans for the investment firms.