Galaxy Digital CEO Novogratz expects Bitcoin ETFs to be approved by January 10th

Galaxy Digital CEO Michael Novogratz predicts a significant milestone in the cryptocurrency market with the first approval of Bitcoin spot exchange-traded funds (ETFs ) by theU.S. Securities and Exchange Commission (SEC).

In a recent interview with CNBC Novogratz explained his expectations and highlighted the 2023 cryptocurrency market and Bitcoin price. He highlighted the significant role of central banks’ decisions in shaping market trends in various asset classes. Additionally, Novogratz expressed confidence about the SEC’s upcoming approval of Bitcoin spot ETFs.

“We will get this ETF before January 10th. “That’s kind of the deadline that Gensler has before he gets into trouble with Grayscale and the lawsuit,” Novogratz said.

Grayscale CEO requests concurrent approval

It is unclear whether Novogratz was specifically referring to Grayscale’s Bitcoin ETF or other Bitcoin ETF applications from other financial institutions. Meanwhile, Grayscale CEO Michael Sonnenshein said the SEC must approve Bitcoin ETF applications simultaneously to prevent any issuer from getting an early advantage.

“We have publicly advocated that if the Commission is ready to grant the necessary authorizations to bring cash products to market, it should all happen at once,” Sonnenshein said in a Interview with Bloomberg. “The issuers that are operationally ready to bring their products to market should come to market all at once.

“The Fed’s pivot is really important. That press conference was as dovish as anybody expected and the markets are behaving that way,”We are going to get this ETF before January 10.”

Novogratz also discussed the development of the crypto and Bitcoin market. “For all the Bitcoin skeptics out there,” Novogratz said, “the Fed’s pivot is really important. This press conference was as dovish as one would expect. And the markets behave that way too.”

“I think cryptocurrencies like that,” Novogratz concluded.

BlackRock Confirms Bitcoin ETF Ticker, Introduces Cash Redemption Model

BlackRock’s Spot Bitcoin ETF has officially been assigned the ticker IBIT, according to an amended S-1 filing with the SEC. The filing also marks the move to a cash repayment model consistent with the SEC’s preferences. This model requires cash transactions for Bitcoin holdings, unlike the “in-kind” model previously considered.

Also ARK Invest and 21Shares have changed their filings to adopt this model. The SEC’s decisions on various Bitcoin and Ethereum ETF applications, including those from ARK Invest and 21Shares, are pending until 2024.

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