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Ark Invest CEO Cathie Wood has expressed optimism in regards to the potential approval of a Bitcoin Exchange-Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC). During an interview with CNBC’s “Halftime Report” host at this time, Wood highlighted the rising optimism inside the crypto group concerning Bitcoin ETFs.

Anticipating Multiple Bitcoin ETF Approvals

The businesswoman started by acknowledging that ARK Invest had responded to the SEC’s request for details about their Bitcoin submitting. And though she didn’t disclose particular particulars, she hinted that the SEC’s inquiries signified a change in habits, which had raised hopes for the approval of one or many Bitcoin ETFs.

Source: CNBC

“I think many people think the fact that the SEC chose to ask questions is a change in behavior and therefore I do think hopes are rising that one or a number of Bitcoin ETFs will be approved,” mentioned Wood.

It is price noting that there was a rising consensus that the SEC would quickly launch a directive detailing its strategy to implementing selections on Bitcoin ETFs which might function the catalyst for approving a number of Bitcoin ETFs by year-end. This follows a latest court docket ruling that deemed SEC’s rejection of Grayscale Investments’ software to determine a spot BTC ETF as incorrect. With the prospects of the SEC pursuing an enchantment low, many really feel that the company left with little choices however to approve the product.

Additionally, Wood underscored that ARK Invest had set a choice deadline for January tenth, noting that they anticipated being among the many first in line for approval.

ETF FUD and Market Impact

Notably, Wood’s remarks got here on the heels of a sequence of erroneous reports circulating earlier on Monday claiming that the SEC had accredited BlackRock’s software for a spot Bitcoin ETF.

These experiences briefly propelled the worth of Bitcoin to the $30,000 mark. However, the euphoria was short-lived, as the worth quickly retreated to roughly $28,322, triggering a cascade of liquidations, after numerous specialists raised doubts. Later, BlackRock swiftly refuted the declare, stating that their software was nonetheless underneath overview, main the publications to delete their experiences and apologize.

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Newton Mbogo is a crypto and DeFi specialist. He has a B.A Hons in Law from Kabarak University, the place he studied advanced financial, authorized, and moral idea related to the FinTech panorama. Newton has a specific curiosity in decentralization and privateness blockchains, as they instantly relate to our human rights and flourishing.

The introduced content material could embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability on your private monetary loss.