The correlation between hashrate and the price of Bitcoin is an indisputable factor. Experts, however, believe that the equation may shortly undergo a change. A decrease in the price of Bitcoin has been observed whenever a hashrate reaches a new peak on the track. The emergence of the Spot Bitcoin ETF has brought about significant changes, particularly since September 15, 2023.
BTC is currently exchanging hands at $37,133.10, an increase of 24.83% in the last month. This jump is largely credited to the speculation that the Spot Bitcoin ETF application could be approved by the SEC in January next year. While a definite timeline has not been shared, it is expected to follow through in the month’s first half.
The 24-hour jump is as thin as 1.33%, but the last few days, starting on September 15, have seen enough. Many crypto enthusiasts have joined the discussion, saying they are right about the changing dynamics between BTC hashrate and the price. Crypto community members believe that the relationship keeps the crypto sphere interesting, adding that traditional patterns are continuously disrupted.
As for the Bitcoin ETF approval, headlines are surfacing that the SEC has delayed its decision for the applications filed by Franklin Templeton and GlobalX. This is because the Commission is underscoring the plan to have a cash-create system for the applicants of the ETF. BTC enthusiasts and potential holders hope the token will sustain its trading value at the $36k+ mark.
The SEC originally filed the extension on November 17, 2023. So, the development is pretty fresh and likely to be stretched for a long time.
The US Securities and Exchange Commission has said that it has done so to seek the reviews of the public about rule changes pertaining to the listing of the product. The earlier deadline for the SEC to approve the application was November 21, 2023. The next deadline is February 2024 to either approve or reject the application.
BlackRock initiated the filing system for Spot BTC ETF, paving the way for others to follow suit. The cash creation system proposed by the SEC is to eliminate reliance on third-party brokers, enabling the exchange of cash for ETF shares. This is also being seen as an alternative for trading with BTC.
Crypto ventures predict that the SEC may not ease out on tightening regulatory concerns for the crypto market. They claim that it is due to its historically unregulated nature, as analysts say that the FTX scandal has a bigger role to play in this picture.
Nevertheless, the BTC price is holding steady at more than $36,000, as per the Bitcoin forecast. Its market cap is up by 1.56%, and the 24-hour volume has jumped the rope by 31.68% at the time of articulating this piece. Holders are primarily focusing on accumulating the token, which is likely to be sold in the future when the BTC reaches its peak, if not closer to its all-time high value.
