Renowned financial analyst, Anthony Scaramucci, suggests that the approval for a cash-based Bitcoin Exchange-Traded Fund (ETF) might be coming soon, possibly next week. Interestingly, this timing might coincide with the holiday season, possibly slipping past many observers’ attention.
Read on to discover why and how he made this bold claim.
The introduction of Bitcoin ETFs in the U.S. has been highly anticipated. While many expected a launch in January 2024, the unique aspect is the U.S. Securities and Exchange Commission’s (SEC) preference for cash transactions. This differs from the typical in-kind redemption, posing potential challenges for everyday investors.
The change is partly driven by recent legal challenges that questioned the extent of the SEC’s authority over digital assets. The resolution of the final obstacle – choosing between “cash only” and “in-kind” transactions – has seen all ETF providers aligning with the SEC’s preference for a cash-only approach.
Also Read: SEC Held Conference Call With ALL Spot Bitcoin ETF Applicants: Approval Expected by Jan 10th, 2024
QCP Capital, a key market observer, predicts Bitcoin could see fluctuations between $45,000 to $50,000. There might be a short-term dip to around $36k before a rebound.
For Bitcoin investors, QCP Capital suggests exploring covered calls to benefit from market momentum. They also recommend considering out-of-the-money puts to manage potential post-ETF market shifts.
Looking ahead
QCP Capital remains positive about Bitcoin’s long-term future, especially considering the upcoming Bitcoin halving event. As of now, Bitcoin has risen by 1.5% in the past day, reaching $44,423. Combining Scaramucci’s insights with QCP Capital’s analysis indicates a pivotal moment for the crypto market as we approach the new year.
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