Expert: Bitcoin spot ETF approval to be ‘buy the rumor, buy the news event’
The cryptocurrency community is bullish as the SEC’s approval of a spot Bitcoin ETF seems likely in 2024. Financial behemoths, including BlackRock through iShares, Fidelity, and Ark Invest, are in the race to launch the first ETFs. In the latter half of 2023, the market witnessed multiple price surges in Bitcoin (BTC) following rumors about the imminent approval of a spot Bitcoin ETF, which were subsequently debunked. This pattern has bred anxiety among investors, with fears of a classic “buy the rumor, sell the news event.” On the other hand, CrediBULL Crypto , a cryptocurrency commentator on X (formerly Twitter), predicted a different market response. He stated that both the anticipation and the actual approval would result in purchasing enthusiasm, labeling it a “buy the rumor , buy the news event .” Supporting this bullish outlook, another user argued against the likelihood of a sell-off post-approval, pointing out that ETFs must purchase Bitcoin with cash and cannot re...