Matrixport Research: Bitcoin ETF Approval To Push BTC Price Above $50K

While the confidence around spot Bitcoin ETF approval before the January 10, 2024 deadline in increasing, the Bitcoin (BTC) price shot up as high as $44,000. Meanwhile, ETF filers continue to have deliberations with the U.S. Securities and Exchange Commission (SEC).

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Matrixport Sees BTC At $50K

According to Matrixport Research, the BTC price is expected to breach the $50,000 mark in January 2024, if and when the US SEC clears the approval of ETFs. Currently, the firm sees a 95% chance of Bitcoin ETF approval in January 2024. Investment manager Blackrock had in the recent times held meetings with the SEC multiple times, in what could be in preparation for the spot ETF approval.

In a latest, it is learnt that Grayscale had a meeting with the US SEC officials on December 19, 2023 around the potential conversion of the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. The discussion concerned the proposed rule change to list and trade shares of the Grayscale Bitcoin Trust (BTC), memorandum from David Remus of the SEC’s Division of Trading and Markets said.

Also Read: Michael Saylor: Spot Bitcoin ETF Nod To Create Demand Shock For BTC

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