How $70M in Crypto Lobbying Will Support Approval of a Bitcoin Spot ETF

Crypto investors are eagerly waiting for the approval of a spot Bitcoin exchange-traded fund (ETF). However, a recent splash on crypto lobbying is creating hope for the longer-lasting survival of the asset.

Timeline of Bitcoin

The SEC has issued a deadline for spot Bitcoin ETF applications, triggering fierce competition among firms vying for a coveted spot in the first wave of approvals. The deadline, set for December 29, has put significant pressure on applicants to finalize their filings and meet the stringent requirements set forth by the regulatory body.

The crypto market faced significant liquidations of nearly $170 million post-Christmas, triggered by a slight decline in the values of major cryptocurrencies. Data from CryptoSlate indicates that the largest cryptocurrency by market capitalization, Bitcoin, declined 1.18% to $42,639, reminiscent of its run in the previous week.

In a detailed analysis, Bloomberg highlights the dramatic shift in the cryptocurrency market from the gloom of 2022's $1.5 trillion wipeout to a state of avarice by the end of 2023. This transformation is marked by Bitcoin's significant resurgence and the crypto community's optimistic outlook on regulatory developments.

The crypto prices today had regained momentum indicating that the investors are still engaging in the trading activities despite a holiday mood. Generally, trading activity slows down during the holiday season, as whales and investors go for a break during this period.

Applicants for a spot Bitcoin exchange-traded fund (ETF) are facing a critical deadline set by the United States Securities and Exchange Commission (SEC). According to a Reuters report, citing public memos and sources familiar with the matter, the SEC has mandated that final S-1 amendments for spot Bitcoin ETFs must be filed by December 29.

Market signals in the Far East are emerging for the first time since the last Bitcoin cycle top. The Korean premium is showing an overheated market, which could be a signal of a local Bitcoin top.

The cryptocurrency community is abuzz with anticipation as the U.S. Securities and Exchange Commission (SEC) nears its decision to approve several spot Bitcoin Exchange-Traded Funds (ETFs). This development has significant implications for the wider crypto market, including altcoins like Shiba Inu (SHIB) and the PawZone (PAW) token.

Exchange balance data reflects investor behavior and is a crucial metric in cryptocurrency trading. It indicates whether investors are more inclined to store their Bitcoin holdings off-exchange, which can signal a bullish sentiment, or to keep them on exchanges for potential sale or trade, often seen as a bearish indicator.

In the fast-paced pursuit of a spot Bitcoin exchange-traded fund (ETF), contenders find themselves racing against a stringent deadline imposed by the United States Securities and Exchange Commission (SEC).

On Dec. 24, 2023, Bitcoin shattered yet another daily transaction milestone, with miners confirming 723,459 transfers in a single day. The transaction rate on Christmas Eve exceeded the former peak of 710,579 verifications on Nov. 19, 2023.