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I acknowledge that cryptocurrency can be a delicate matter, regardless of the individual you speak to or your stance on the subject. Nevertheless, it is feasible to venture into the cryptocurrency market and anticipate the future of it.
We want to remind you that the best way to ensure you have all the necessary information before placing any bet is to check out the best sportsbook reviews.
I am aware that predicting the price of Bitcoin can be a fascinating topic for some, regardless of their personal beliefs on the matter.
Bitcoin ETF approved by SEC by 10th January 2024
The first market we can examine is the SEC’s approval of a Bitcoin ETF. Let’s discuss what an ETF is before we discuss this decision and the odds surrounding it.
An exchange-traded fund (ETF) functions as a pooled investment security, similar to a mutual fund. Usually, ETFs mirror the performance of a specific index, sector, commodity, or other assets.
What sets ETFs apart from mutual funds is that they can be bought or sold on a stock exchange, just like regular stocks.
ETFs come in various structures, allowing them to track anything from the price of a single commodity to a broad and diverse array of securities.
Additionally, ETFs can be designed to follow specific investment strategies.
As various firms race to launch the first Bitcoin exchange-traded fund (ETF), all eyes are on the U.S. Securities and Exchange Commission’s (SEC) decision scheduled for January 10.
SCOOP: @GoldmanSachs is eyeing a #bitcoinETF role via an “authorized participant” job with @BlackRock and @Grayscale, according to sources.@IanAllison123 reportshttps://t.co/mou5OvBDVp
— CoinDesk (@CoinDesk) January 3, 2024
According to supporters, the approval of a Bitcoin ETF could unleash a wave of institutional and retail investments, propelling Bitcoin to new heights. Historical instances reveal the impact of ETF expectations on Bitcoin’s price.
In 2017, anticipating a Bitcoin ETF drove prices above $1,400, only to plummet when the SEC rejected the proposal.
However, the subsequent introduction of Bitcoin futures led to a surge above $20,000 that year.
Fast-forward to 2021, Bitcoin reached over $60,000, partly fueled by the successful launch of Bitcoin futures ETFs in Canada and Europe.
In 2023, the crypto market experienced a rapid price increase following fake news of an ETF approval, indicating potential upside volatility upon approval.
Conversely, some argue that a Bitcoin ETF approval could trigger a price correction.
Concerns include:
- The ETF becoming a target for short sellers.
- Increased volatility.
- Potential regulatory scrutiny leading to taxation and reporting requirements.
Some also suggest that the market may already have priced in the possibility of approval. The crypto community eagerly anticipates the impending SEC decision, recognizing its influence on Bitcoin’s price.
However, considering broader market dynamics, including sentiment, macroeconomic conditions, and geopolitical events, is crucial.
The outcome will depend on how the market interprets and reacts to the decision, marking a pivotal moment for Bitcoin’s future.
Based on the information we have at hand, I would advise to wager on YES at -110 odds for Bitcoin to obtain ETF approval by January 10th.
Several websites are available for you to wager with; you can even choose to use the newest form of funds transfer, cryptocurrency. We have a list of the best betting sites that accept cryptocurrency as a payment method.
Bitcoin (BTC) End of January
Another market that we can wager on is the price of Bitcoin at the end of January.
| Bitcoin End of January |  |  |  |
| Over $46000.50 | -110 | -110 | -110 |
| Under $46000.50 | -130 | -130 | -130 |
It’s safe to say, the ETF approval will affect Bitcoin’s price. As of this writing Bitcoin is priced at $42,652.40.
Oddsmakers have set the price on Bitcoin at $45,000, but they’re leaning under that price as Under $45,000 is at -130, while Over $45,000 is at -110. There seems to be a slight lean toward the Under by oddsmakers.
I disagree with the oddsmakers here. While, I fully understand all of the rationale behind shorting Bitcoin and trying to make money on a total that seems far too high, I have a feeling it swings the other way.
JUST IN: #Bitcoin ETF issuers are confident the SEC will give green light on or before Jan. 10 – Fox Business @EleanorTerrett pic.twitter.com/ROsFqMnncm
— Bitcoin Archive (@BTC_Archive) January 3, 2024
As unpredictable as Bitcoin and cryptocurrency is, I’m going to say it actually rises by the end of the month.
The price fluctuates too much and if I believe Bitcoin is able to obtain ETF approval, logically a price increase will follow.
I would absolutely recommend wagering on the price of Bitcoin to be over $45,000 by the end of January.
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