Bitcoin held above $46,500 on Tuesday morning after briefly touching $47,000 because the ETF race ramps up. The cryptocurrency has gained round 5% over the previous 24 hours. Whereas most market analysts say the U.S. Securities and Alternate Fee will approve a spot bitcoin exchange-traded fund, some don’t see this taking place. Youwei Yang, the chief economist at BIT Mining, mentioned in an e-mail to CoinDesk that he thinks no spot bitcoin ETFs will probably be accepted within the close to future. Somewhat, Yang expects the SEC to delay approvals for a minimum of one other 3 months. “A delay with some causes or excuses may nonetheless presumably happen, equivalent to questioning of manipulative behaviors generally noticed within the crypto market which are nonetheless unclear, and its legal or terror actions some congress members claimed that crypto has concerned,” Yang wrote. Different analysts suppose the information has already been priced in, Matteo Bottacini, a dealer at Crypto Finance, mentioned that the majority market members have been well-positioned for a while now, limiting the upside potential.
