Prepare for a Santa Claus Rally as Bitcoin Spot ETF Approval Looms

As the year winds down, digital currencies hit unprecedented highs, creating a bullish wave that suggests a potential surge just in time for Christmas. The excitement is fueled by the looming consideration of several Bitcoin ETF approvals scheduled for January 10th, promising an exciting start to the new year.

Bitcoin’s recent rally has been impressive, with a 10% surge in the past month and a staggering 128% rise over the past year. This upward trend mirrors the stock market’s famed “Santa Claus Rally,” setting the stage for a festive uptick in Bitcoin’s market value.

Playing the Waiting Game

Anthony Scaramucci, founder of SkyBridge Capital, is optimistic about the SEC’s approval of spot Bitcoin ETF filings. His confidence comes from encouraging discussions between SEC officials and representatives from financial giants like BlackRock, indicating a positive shift in sentiment.

In a recent podcast, Scaramucci boldly predicts a spot Bitcoin ETF approval by January 10, 2023, expressing confidence in its inevitability. The anticipation is heightened by multiple ETF filings leading up to the deadline, although technical considerations may play a role in the SEC’s decision-making process.

Financial Giants in the Race

BlackRock, Grayscale, Fidelity, Valkyrie, and ARK Invest are among the financial heavyweights competing for the SEC’s nod on the inaugural spot Bitcoin ETF filing. Analysts speculate that a mass approval might be in the cards to avoid granting a significant first-mover advantage to any single company.

Recent reports shed light on intensified discussions between BlackRock representatives and SEC officials regarding the spot Bitcoin ETF application. The focus on choosing the cash model summary for the ETF suggests a proactive approach toward potential approval.

Also Read: New Market Players Enter Spot ETF Race; Bitcoin Price Eyes $40,000!

Bitcoin‘s Santa Rally: A Look Back

Drawing parallels with the traditional “Santa Claus Rally” observed in the stock market, Bitcoin has historically experienced significant value jumps in December. Notably, in 2013, it surged from under $1,000 to $1,147 per coin, and in 2017, it skyrocketed from $8,500 to nearly $20,000. As the Christmas holiday approaches, Bitcoin’s price holds steady around $37,000.

Read More: Bitcoin Price Could Hit $50,000 as ETF Approval & Halving Event Looms

MicroStrategy’s Vote of Confidence

Adding to the festive fervor is business intelligence firm MicroStrategy’s substantial Bitcoin purchase in November. Acquiring 16,130 Bitcoin for approximately $593.3 million, the company now boasts holdings valued at over $6 billion, signaling robust faith in Bitcoin’s future amidst the holiday season excitement.

In the midst of this crypto spectacle, all eyes are on January 10th, awaiting the potential green light for a spot Bitcoin ETF and the promise of a joyous surge in its market value.