Bitcoin Resumes Ascent With ETF Approval Expectations Recovering
- Latest spate of filings with SEC renews optimism for approval
- Wednesday’s flash crash was largest one-day drop since 2022
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Bitcoin has turned positive again during a roller-coaster start to the year, recouping a portion of losses from a flash crash Wednesday, with investors shaking off concern that US regulators won’t authorize exchange-traded funds to directly hold the digital-asset.
The largest cryptocurrency tumbled as much as 9.2% yesterday, or the most on an intraday basis since November 2022, after Matrixport analyst Markus Thielen wrote in a note that he expects the Securities and Exchange Commission to reject all Bitcoin ETF proposals this month. Bloomberg Intelligence analysts estimate that there is about a 90% probability the SEC will approve the ETFs by Jan. 10.