First Mover Americas: It’s ETF Deadline Week

The wait for the US Securities and Exchange Commission (SEC) to respond to applications for spot bitcoin exchange-traded funds (ETFs) continues, with the final deadline for at least one application approaching on Wednesday. . The SEC must decide whether to approve or reject the Ark 21 Shares application by January 10, and you will be able to approve as many final applications as you are comfortable with by that date. Bitcoin has been consolidating after reaching a maximum of 21 months of almost $46,000 while awaiting clarity on the decision. On Monday, bitcoin gained about 2% to reach $45,000 after falling to $43,400 over the weekend. If the SEC does not approve spot ETFs this week, LMAX Digital said there could be a significant drop in price, but noted that "we also expect any pullback to be exceptionally well supported above $30,000 in 2024." However, if there is an approval, LMAX said it will result in an immediate rebound of 10% to 15%.