Bitcoin ETF Approval Looms as Crypto Market Rallies

The crypto market is buzzing with anticipation as the U.S. Securities and Exchange Commission (SEC) is expected to approve the first spot-Bitcoin exchange-traded fund (ETF) by mid-January or sooner. This would open up digital currency investing to institutional and regular investors, creating a huge potential market for crypto assets.

Timeline of Bitcoin

Cathie Wood's Ark Invest has unexpectedly submitted its third amendment to the Bitcoin ETF filing, which contains substantial changes that have captured the attention of the financial community. At this time, ARK Invest remains committed to its objective of establishing an exchange-traded fund (ETF) specializing in spot Bitcoin within the United States.

As Bitcoin (BTC) continues its upward trajectory toward $38,000, the long-awaited arrival of a US spot Bitcoin exchange-traded fund (ETF) could open the floodgates of digital currency investing for institutional and retail investors. Notably, Bloomberg Intelligence estimates that the potential spot Bitcoin ETF market could reach a staggering $100 billion, signaling a breakthrough for cryptocurrencies on Wall Street.

Santander Private Banking International, a subsidiary of Banco Santander, is making a significant move by extending its financial services to high-net-worth clients with Swiss accounts, allowing them to trade and invest in major cryptocurrencies such as bitcoin (BTC) and ether (ETH).

On Monday, November 20, 2023, bitcoin (BTC) is navigating slightly above the $37K mark, kicking off the week. Over the last day, BTC's price has fluctuated from $36,441 to $37,516 per unit. Currently, bitcoin trades are generating a global trading volume of $15.55 billion.

The chief executive of crypto custodian BitGo says that the U.S. Securities and Exchange Commission (SEC) will reject another round of spot market Bitcoin (BTC) exchange-traded fund (ETFs) applications.

Forbes' senior contributor Billy Bambrough recently articulated the ever-surging Bitcoin value, surpassing the $37,000 mark, while raising red flags about the precarious state of the U.S. monetary system. Bambrough underscored a dire warning issued by the U.S. Federal Reserve, emphasizing an astonishing $33.7 trillion inflation risk.

Binance CEO CZ and BTC analysts are among those who have started to draw attention to the halving event as the crypto community looks to the bullish event with hope after a cruel crypto winter.

Bitcoin (BTC) stashed in wallets associated with centralized cryptocurrency exchanges has been steadily increasing, with a recent surge raising concerns of a potential market slowdown. The rise in BTC holdings on exchanges comes as the leading cryptocurrency has seen a 7% gain in value this month, following a substantial 28% rally in October.

In a landmark victory, Javier Milei has clinched the presidential seat in Argentina, signaling a potential seismic shift in the country's economic landscape. Milei, known for his fervent endorsement of Bitcoin and scathing criticism of central banks, has brought a wave of optimism to the cryptocurrency market.

The crypto economy has seen substantial growth in the past month, particularly driven by notable trading activity in South Korea. Recent data from Cryptocompare.com reveals that on Saturday, November 18, 2023, the Korean won accounted for 3.53% of all bitcoin (BTC) trades in the previous 24 hours.