According to ARK Invest founder Cathie Wood, the SEC is likely to approve the Bitcoin ETF soon. The news could initially lead to a fall in the price of the cryptocurrency, but in the long term the prices are likely to go up.
• Cathie Wood Expects Bitcoin ETF Approval in January
• News could cause Bitcoin price to collapse
• $100,000 realistic in the long term
Approval of Bitcoin ETFs in January?
In January 2024, after a long wait, the time could finally come: the approval of the first Bitcoin spot ETF. Various applicants are eagerly awaiting a decision from the SEC – including the US investment company ARK Invest.
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According to an interview with ARK Invest founder and CEO Cathie Wood, the SEC recently indicated that it could approve the applications within the first two weeks of January: “After he [der Antrag; Anm. der Redaktion] has been rejected by the SEC several times without hearing from anyone at the SEC, we and others we know have received questions from the SEC, very thoughtful, detailed, technical questions. This is a very positive step,” emphasized Wood. And further: “And it’s not just a series of questions. These are follow-up questions. That’s really good.” Cathie Woods says the prospects for a spot Bitcoin ETF are “optimal,” which is why she expects approval to come in January: “And I think the prospects for a spot Bitcoin ETF are rosy. And we assume it will be in January. Famous Last Words: I don’t want to say we know something because we don’t. But it is only the SEC’s actions that lead us to this conclusion.”
Cathie Wood awaits “Sell The News” event
Bitcoin prices rose in anticipation of approval – Wood therefore assumes that investors will initially sell on the news and a “Sell The News” event will likely occur. After the approval of the Bitcoin ETFs, the expert expects a price drop: “Those who got in and made good profits will probably ‘sell on the news’. That’s an expression that traders use. They take “We anticipate the event, drive up the price, and then sell on the news,” Wood explains in an interview with Yahoo Finance. In the longer term, however, there is likely to be more investment again. The ARK Invest founder expects that the $100,000 mark for Bitcoin will then be within reach.
Editorial team finanzen.net