Eric Balchunas explained why there are major chances that the SEC body will approve the Bitcoin spot ETF applications.
Eric Balchunas is a senior ETF expert at Bloomberg, a giant global media platform. In the past, Eric shared his brief analysis of Bitcoin spot ETF applications and predicted that the United States Securities and Exchange Commission (SEC) will give its decision on these applications before 10 Jan 2024.
The latest report by MatrixPort claimed that the SEC chairman Gary Gensler, who is known for his crypto hater stance, may not green signal these bitcoin ETF products shortly.
Following the report by MatrixPort, the trade price of Bitcoin crashed 8% within a couple of hours.
The current trade price of Bitcoin is $43,103 & this trade price is 4.68% down over the last 24 hours trade price.
In a follow-up tweet, Bloomberg analyst Eric shared his opinion and said that three out of five SEC commissioners are in support of Bitcoin spot ETF application approval.
According to Eric, the SEC staff spent a huge amount of time on all these applications, even during holidays, under the guidance of Gensler.
In short, under the voting procedure, the Bitcoin spot ETF applications will get the majority of the support.
This statement by Eric against negative sentiments is acting as a hope for the Bitcoin investors because if the SEC body will surely decide not to approve these applications then it will badly impact the current Bitcoin bull phase.
On the same day, a FOX business reporter reported that the SEC body was holding a meeting with Nasdaq, Cboe, and NYSE to make the final decision for Bitcoin spot ETF applications.
SCOOP: The All this collective information is proof that the SEC body is working for approval of these applications.
Read also: SEC to reject Bitcoin spot ETF applications
Bloomberg ETF expert says no rejection chance for Bitcoin spot ETF applications
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