Galaxy Digital Forecasts Bitcoin Spot ETF Approval in January

• Galaxy Digital CEO Predicts Approval of Spot Bitcoin ETF by January
• Expectations for Bitcoin ETF Approval Before January 10th
• Federal Reserve and the Impending Interest Rate Cuts
• Anticipated Window for Approval

Galaxy Digital CEO Predicts Approval of Spot Bitcoin ETF by January

In a recent interview with CNBC, Galaxy Digital CEO, Michael Novogratz, expressed optimism about the approval of a spot Bitcoin$42,260 -0.64% ETF by January. He indicated his expectation that the US Securities and Exchange Commission (SEC) will sanction the ETF ahead of the January 10th deadline. The SEC is currently assessing over a dozen applications from issuers eager to introduce the inaugural Spot Bitcoin ETF in the United States. Consequently, the digital asset market is anxiously awaiting the SEC's decision, which could significantly influence the market if approved.

Expectations for Bitcoin ETF Approval Before January 10th

Throughout 2023, ETFs have gained considerable popularity within the crypto realm, with numerous potential issuers submitting applications to the SEC to bring this investment product to the market. The intent is to launch the first-ever Spot Bitcoin ETF in the United States. As 2024 is rapidly approaching, speculation regarding the issuance of such an ETF has intensified.

Galaxy Digital's CEO, Mike Novogratz, anticipates the approval of a spot Bitcoin ETF in January. He confidently declared the likelihood of a decision being made before January 10th.

Federal Reserve and the Impending Interest Rate Cuts

Novogratz also expressed his view on the Federal Reserve's dovish stance concerning looming interest rate reductions. In his words, I think crypto likes it. He further asserted, We're going to get this ETF before January 10th. He referred to this date as the drop-dead date for a verdict by SEC Chair Gary Gensler.

Anticipated Window for Approval

Bloomberg's James Seyffart has consistently indicated the period between January 5th and 10th as the likeliest timeframe for an approval decision. He also noted that if any endorsement occurs, it will probably fall between the 8th and 10th of the month. This prediction aligns with Novogratz's optimistic viewpoint regarding the potential approval of the spot Bitcoin ETF.

Edited by Jonathan Stoker