As crypto prices soar to yearly highs, a bullish wave sweeps the market, setting the stage for a potential surge into the Christmas season. With several Bitcoin ETF approvals slated for consideration by January 10th, experts foresee a green light even before this deadline, following Bitcoin’s impressive 10% surge in the past month and a staggering 128% rise over the past year. This trend, reminiscent of the stock market’s famed “Santa Claus Rally,” hints at a potential festive uptick in Bitcoin’s market value.
Scaramuccia’s Optimistic Outlook on Spot Bitcoin ETF Approval
Anthony Scaramucci, SkyBridge Capital’s founder, exudes confidence in the SEC’s approval of spot Bitcoin ETF filings. Encouraged by the SEC officials’ discussions with Blackrock representatives regarding potential ETF approval, Scaramucci anticipates a positive outcome.
In a recent podcast, Scaramucci boldly affirms the likelihood of a spot Bitcoin ETF approval by January 10, 2023. Expressing optimism, he deems it the most sensible and noticeable outcome. Multiple ETF filings preceding the January 10 deadline could pave the way for this approval, although technical considerations might also influence the SEC’s decision to extend the timeline.
Financial Giants in the Race for Bitcoin ETF Approval
Blackrock, Fidelity, Valkyrie, and ARK Invest are among the financial giants vying for the SEC’s approval of the inaugural spot Bitcoin ETF filing. Analysts speculate that the SEC might opt for a mass approval to prevent any single company from gaining a significant first-mover advantage.
Our recent reports reveal intensified discussions between BlackRock representatives and SEC officials regarding the spot Bitcoin ETF application. These discussions follow a previous meeting that focused on choosing the cash model summary for the ETF, indicating a proactive approach toward potential approval.
Bitcoin’s Surge and Market Moves
The “Bitcoin Santa Rally” parallels the stock market’s traditional “Santa Claus Rally,” typically observed between Thanksgiving and Christmas. Historically, twice before, Bitcoin saw significant jumps in value: once in December 2013, when it surged from under $1,000 to $1,147 per coin, and then during the 2017 holiday season, when it skyrocketed from $8,500 to nearly $20,000. Bitcoin’s price is holding steady at around $37,000 as the Christmas holiday approaches.
Business intelligence firm MicroStrategy’s substantial Bitcoin purchase in November further fuels the upbeat sentiment, amplifying anticipation for Bitcoin’s potential festive surge.
The company acquired 16,130 Bitcoin for around $593.3 million, adding to its existing holdings valued at over $6 billion, signaling a robust faith in Bitcoin’s future amidst the holiday season excitement.
