Spot Bitcoin ETF has a 75% chance of approval in 2023, analysts say
Spot Bitcoin Exchange Traded Funds (ETFs) have been the focus of the crypto industry for the past couple of weeks. As BlackRock filed its application, many other firms followed, but the Securities and Exchange Commission's (SEC) stand kept the market skeptical of their approval. Regardless, senior ETF analysts have suddenly increased their odds of approval this week.
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Bitcoin price rallied to $28,100 on Tuesday, in response to Grayscale’s victory against the Securities and Exchange Commission (SEC) in its spot Bitcoin ETF lawsuit. Since then, BTC price wiped out its gains, declining to $27,300 as traders exercised caution ahead of the August 31 release of US Core PCE Price Index for July.
DYDX price resisted selling pressure despite Tuesday's token unlock in light of the migration to dYdX chain and the adoption of version 4 of the project. The proposal, shared by crypto market maker Wintermute, is likely to be approved as it has received 100% support from community members on a vote that is still under way.
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