Franklin and Hashdex being the only entities awaiting approval from the SEC, the US Securities & Exchange Commission, now received a response stating that the approval for Spot Bitcoin ETF has been delayed. While some speculations state that it is bad for Franklin, experts have commented that it is indeed a positive sign, with the SEC intending to approve all the Spot Bitcoin ETF applications together.
What prompts the prediction by experts is that a lot of ventures have filed their applications, and the Commission does not want to give anyone the first mover’s advantage.
A tentative date for all the applications to be approved is January 10, 2024. The date can be further delayed or pulled ahead by the US SEC. The original deadline for Franklin was January 01, 2024. Expressing a delay in approval at the time would have further pushed the applications to 9 more days. Hence, a statement has come 30 days before the deadline.
James Seyffart, an ETF analyst, commented on X, formerly Twitter, that the delay in Hashdex’s application may signal that the SEC is lining up all the Spot Bitcoin ETF applications together to approve them on January 10, 2024. This is the date crypto enthusiasts hope the bull run will start for the crypto sphere.
Meanwhile, Standard Chartered has retained its estimated prediction for Bitcoin.
This is crucial with approvals of ETF lining up for the future. Standard Chartered had earlier said that BTC will touch $100,000 by the end of 2024. This means that the token will gain ~168% in the next 13 months. BTC is trading at $38,091.72, an increase of 2.44% in the last 24 hours. Interestingly, this is a rise of 4.15% and 11.32% in the last 7 days and 30 days, respectively.
A team of analysts at Standard Chartered, led by Geoff Kendrick, has reiterated this estimated prediction. It was last quoted in April 2023.
What could push the price of BTC to that level are the ETF applications acting as the catalyst. Moreover, BTC is expected to maintain its dominance in the crypto industry, with 50% of the market share. The number was previously 45% in April this year. If BTC surpasses that milestone, the cryptocurrency market cap will take a massive jump. Experts have stated that, according to Bitcoin price predictions, BTC reaching $100,000 would raise the crypto market cap to $1.955 trillion. This is based on the assumption that the circulating supply of the token is 19.55 million.
The 24-hour volume of BTC has gone up by 40.69%, and the market cap has surged by 2.51%.
The Commission has surely delayed Franklin’s approval for Spot Bitcoin ETF, but it is safe to assume that all the applications will hopefully be approved by January 10, 2024.