Bitcoin climbed back towards $30,000 on Tuesday amid renewed optimism that spot bitcoin exchange-traded funds (ETFs) could receive approval from the SEC in the coming months.
According to Galaxy Digital’s Mike Novogratz, SEC approval of spot bitcoin ETF applications by major firms like BlackRock and Invesco is likely just a matter of “when, not if.” Novogratz predicts approvals within 4-6 months based on industry contacts.
Ark Invest CEO Cathie Wood also expects the SEC to greenlight multiple spot bitcoin ETFs simultaneously if they move forward. Regulatory approval could unlock significant institutional investment inflows for Bitcoin.
The optimistic ETF commentary follows Monday’s news that PayPal plans to launch its own Ethereum-based stablecoin, PayPal USD (PYUSD), further boosting crypto adoption outlooks.
With seamless convertibility between dollars and PYUSD on PayPal and Venmo’s platforms, the stablecoin removes barriers to crypto participation among their massive combined user base.
On the technical front, bitcoin appears to be confirming its 2023 uptrend remains intact after briefly testing support near $28,000. Clearing resistance at the 50-day moving average of around $30,000 could pave the way for Bitcoin to revisit its 2023 peak above $31,000.
Ongoing disinflation trends could also be supportive for Bitcoin if they encourage dovish Fed policy, though CPI data remains key to watch for any surprises that could spark crypto volatility.
For now, bitcoin looks poised to trade with a bullish bias barring major inflation impacts, as optimism builds around both ETF approvals and mainstream crypto adoption advances.
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