Traders ask how high heavens could be for Bitcoin price as SEC sets down eight BTC ETF applications

The United States Securities and Exchange Commission (SEC) has traders on the edge of their seats with the latest move to add eight names to the Federal Register, comprising BlackRock and Fidelity, among six others, which submitted their spot Bitcoin ETF filings.

Also Read: Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC pullback could harm altcoin gains.

SEC sets down eight spot BTC applications to the Federal Register

The US SEC has recorded eight names to the Federal Register, comprising institutional players that filed for spot Bitcoin Exchange Traded Funds applications. These are BlackRock, Fidelity, BitWise, WidsomTree, VanEck, Invesco, Proshares, and Valkyrie.

As watcher guru puts it, a Federal Register is the US government's daily publication featuring executive orders, regulations, agency rules, and other documents that must be published by law. 

The development has crypto community members excited but anxious as it signifies a possible beginning of the review process. Soon, we could start reading headlines of approvals or disapprovals, as the commission is already underway with opinion polls for whether to approve or disapprove the filings.

Nevertheless, considering applicants presented strong cases in their filings and re-filings, the number of optimists far exceeds the number of pessimists. Moreover, it is impossible to ignore the candidates' heft, with BlackRock boasting up to $9.1 trillion in assets under management (AUM).

In a recent interview with Fox Business, former SEC chair Jay Clayton articulated that the commission would be considering two crucial thresholds to deny or approve the fillings - surveillance and market protections for investors. Accordingly, applicants revamped their filings and identified US-based cryptocurrency exchange Coinbase Inc. for their Surveillance Sharing Agreement (SSA).  

Nevertheless, SEC chair Gary Gensler questioned the capabilities of Coinbase as an SSA on the grounds of "exchanges operating conflicting activities" despite having "limited monitoring."

Crypto enthusiasts are hyped with development.

With the SEC's track record of turning down applications, crypto enthusiasts cling to the hope that the current series of applicants will bring a breakthrough, potentially identifying the first successful Spot Bitcoin ETF in the United States.

While it is still a 50-50 chance for approval or rejection, crypto enthusiasts acknowledge the development for what it is – a step closer to a desirable goal. Accordingly, BTC proponents envision what an approval would mean for Bitcoin price, with some speculating a rally to $100K.

Still, this is far below what Ark Invest CEO Cathie Wood speculated when she expressed revitalized confidence in Bitcoin price's ability to hit $1.5 million by 2030 in a highly bullish case and $625,000 in the bear case.

Notwithstanding, with Bitcoin adoption going mainstream, experts say this is just the beginning. Once adopted, the Bitcoin price could break the roof.

At the time of writing, Bitcoin is auctioning at $29,952, a daily rise of 0.73% and a monthly rise of almost 15%. Year-to-date, BTC is up a stark 30% as markets attempt to recover from the May 2022 bear market.