Bitcoin Price Sees 5% Increase Amid Anticipation of Spot Bitcoin ETF Approval

According to Cointelegraph: Bitcoin (BTC) experienced a price hike of 5%, reaching over $43,000 on December 19, in response to renewed anticipation surrounding the potential approval of the United States' first spot Bitcoin exchange-traded fund (ETF). BTC/USD 1-hour chart. Source: TradingView Following a shaky start to the week, BTC/USD gathered momentum, with the December 18 candle closing over 5% higher than the day's lowest value. Market analysis from Cointelegraph Markets Pro and TradingView observed the Bitcoin market reaching fresh highs of $43,456 after the daily close. Significant news circulated that asset manager BlackRock — among applicants looking to launch the first U.S. spot Bitcoin ETF — amended the redemption policy for its product, including Bitcoin as a potential option. Their latest S1 filing with the U.S. SEC (Securities and Exchange Commission) suggests that in-kind redemption with Bitcoin would not generally be a taxable event for the shareholder. Additionally, new regulations were introduced that relate to the exchange of share baskets for cash rather than Bitcoin, with the latter dependent on regulatory approval. The SEC is set to start making final decisions on spot ETFs in early January 2024, making next month a pivotal time for the future of Bitcoin. The expected approval of ETFs, after years of delays and denials, is seen as 99.9% likely, according to trader and investor Bob Loukas. Meanwhile, Bitcoin traders forecast potential price volatility during the holiday season due to unharnessing the yearly candle close and various macroeconomic data releases. CryptoTA creator, Crypto Ed, predicts a dip below $40,000 before a possible rally, potentially pushing the BTC/USD value to $50,000 by the end of 2023. Similarly, trader Matthew Hyland sees Bitcoin’s relative strength index (RSI) reflecting bullish indications, suggesting potential further price hikes.