According to Bloomberg’s top ETF analysts, the chance of the US Securities and Exchange Commission (SEC) approving a Bitcoin spot ETF has increased to 75% in 2023 and 95% in 2024. This decision puts the SEC in a difficult position to justify future rejections due to impending deadlines, negative public perception, and the approach taken by Hashdex. The analysts also mention that the timing of the approval is not crucial as the regulator is likely to yield. This announcement has brought renewed optimism to the cryptocurrency market and has driven Bitcoin to new highs in 2023. In July, the SEC approved six proposals for further examination, marking the initial phase of the long-awaited spot Bitcoin ETF’s deliberative process.

AI Sentiment: Positive