As 2024 unfolds, the cryptocurrency market is abuzz with optimism surrounding the potential approval of Galaxy CEO Mike Novogratz’s Spot Bitcoin ETF application. Novogratz, with a cryptic proclamation on X [formerly Twitter], teased significant developments, signaling that “big things are coming.” Accompanying the message were the logos of Invesco and Galaxy, prompting speculation and excitement within the crypto community, further intensified by the tag ‘Block Your Calendar.’
Galaxy Digital, led by Novogratz, and Invesco are eagerly awaiting the green light from the US Securities and Exchange Commission [SEC] for their Bitcoin spot ETF. Noteworthy Authorized Participants [APs] are outlined in the amendment submitted on December 30, underscoring the meticulous preparation and anticipation surrounding this regulatory milestone.
In a strategic move, Novogratz had previously hinted at a positive trajectory in talks with the SEC, projecting that a spot Bitcoin ETF could secure approval in 2023. Such an approval would mark a pivotal moment for cryptocurrency adoption and market expansion, positioning it as a transformative catalyst.
The spotlight is firmly on spot Bitcoin ETFs as the crypto community awaits the SEC’s decision, expected imminently. Novogratz’s enigmatic social media post, coupled with Galaxy Digital’s application history, has led to widespread discussions that the anticipated “big thing” could be the approval of their spot Bitcoin ETF.
Bitcoin Surge To 2-Year High
Novogratz finds himself in good company, as Ark Invest CEO Cathie Wood recently shared her optimism regarding the SEC’s evolving stance on BTC ETFs. Wood commended the regulator’s shift from outright denials to active discussions, interpreting it as a positive sign of increased understanding and knowledge of pertinent issues.
The collective anticipation for Bitcoin ETF approval has reached a fever pitch, coinciding with the flagship cryptocurrency’s surge to over $45,000—the highest in almost two years. With a rapid ascent from $42,000 on January 1, BTC’s value has escalated over 6% in the last 24 hours and an impressive 170% in the past year, as per data from CoinMarketCap. The impending SEC decision now holds the key to shaping the trajectory of the crypto market in the coming days.