The crypto community has been eagerly awaiting potential approvals of Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC).
According to recent news, the regulatory body has asked at least two spot Bitcoin ETF hopefuls to submit final changes by December 29, 2023.
The deadline for the SEC to approve or reject the first spot Bitcoin ETF is January 10, 2024. Despite multiple amendments requested by the regulator, Bloomberg ETF analysts remain confident of an approval in January.
Ark Invest CEO Cathie Wood is also optimistic, believing the spot Bitcoin ETF will likely get the green light given the enhanced dialogue with the SEC. “We don’t want the spot Bitcoin ETF to get the green light if there are any uncertainties the SEC may have. We answer the SEC’s queries individually, and the dialogues are very positive,” she stated in an interview for CNBC.
Additionally, Wood noted she was pleased with her ETF partner 21Shares, calling them a leading provider of crypto exchange products. She also predicts Bitcoin will see significant gains in 2024 as the top inflation and economic hedge.
January 10th has surfaced repeatedly regarding potential SEC approvals, as it marks the next deadline to review the joint Ark Invest and 21Shares application.
Prominent crypto influencer Crypto Rover explained to his 622k followers on Twitter why an approval, especially for the BlackRock Spot ETF, could propel Bitcoin over $200,000. With 622k Twitter followers, he tweeted:
“I think Bitcoin will go to $200,000+ if the BlackRock Spot ETF gets approved! And here is why: First of all, BlackRock has an impressive 99.8% ETF approval rate, with only one rejection in its history…”
He then described BlackRock’s integral role advising the government during the 2008 financial crisis, signaling a high degree of trust. Additionally, BlackRock’s CEO recently voiced favorable opinions about Bitcoin’s potential.
Meanwhile, major asset managers like Vanguard and Fidelity have also applied for spot Bitcoin ETFs this cycle. Crypto Rover emphasizes the BlackRock ETF’s 1:1 backing of real BTC could quickly push Bitcoin over $100,000.
While approvals are still pending, the positive dialogue and industry momentum have many hopeful the SEC will finally give the green light to Bitcoin ETFs. An approval, especially for a major player like BlackRock, could significantly impact Bitcoin’s price and overall adoption.
Meme Coin Sensation Sponge V1 Evolving into Utility-Driven Sponge V2
As the crypto industry awaits potential Bitcoin ETF approvals, an intriguing meme coin called Sponge V2 has begun garnering attention.
The original Sponge token was one of the most successful meme launches of 2023, shockingly rallying 100x from a $1 million market cap to over $100 million within months. Now the team looks to replicate this explosive growth with the upcoming Sponge V2 token and upgraded utility.
The V2 launch centers around a unique “stake-to-bridge” model that incentivizes staking the V1 token to earn the new V2 version before release. Those staking longer and more V1 tokens receive more V2 tokens in return.
Additionally, stakers can currently earn an impressive 1,600% APY, which will drop as more users enter the staking pool. All V1 tokens staked into the V2 contract will also be permanently locked, gradually phasing out the original.
Sponge V2 diverges from its predecessor by integrating play-to-earn game features. The P2E racer allows players to accumulate points and rewards while spending Sponge tokens within the ecosystem.
With V1 delivering exponential 100x returns already in 2023, the team now eyes replicating this run in early 2024. Upgraded utility and tokenomics provide the foundation, while the novel staking model ensures a fair and exciting V2 distribution.
Conclusion
As anticipation regarding SEC decisions on spot Bitcoin ETFs nears a fever pitch, alternative crypto projects like Sponge V2 are also priming for their time in the limelight.
Sponge V2 offers upgraded utility and incentives, including play-to-earn gaming integration, to build on its viral predecessor’s success. The team ultimately targets another parabolic 100x rally through the stake-to-bridge distribution combined with 2024 roadmap execution.
With intrigue surrounding both Bitcoin ETF approvals and the burgeoning layer 1 landscape, 2024 is shaping up to be another monumental year for crypto adoption and growth.
Best crypto platforms in Europe | January 2024
The post Bitcoin ETF Approvals Could Catapult BTC to $200,000+. Can Sponge Match Predecessor’s Parabolic Gains? appeared first on BeInCrypto.
