If the SEC finally approves the launch of a Bitcoin spot ETF and BTC price rallies, investors may pour their profits into Shiba Inu and other altcoins.
The vast majority of the crypto market is focused on the potential launch of a Bitcoin spot exchange-traded fund (ETF) in the United States.
Bitcoin and Altcoins Rally Amid Positive ETF Speculations
Several market analysts have speculated that the U.S. SEC will approve multiple Bitcoin ETF applications at once.
Specifically, Bloomberg Intelligence analyst Eric Balchunas recently said there is a 95% chance that the U.S. SEC will approve a spot Bitcoin ETF this month.
This speculation has prompted the price of Bitcoin to skyrocket in recent days, surging to around $47,600 yesterday. Interestingly, the ongoing Bitcoin rally is being felt in other cryptocurrencies like Shiba Inu (SHIB).
Data from CoinMarketCap shows that Shiba Inu has surged almost 3% over the past 24 hours to $0.00000953. However, Shiba Inu is still down 10.2% in the past seven days and 2.4% on the monthly charts.
Shiba Inu, which aims to regain its past glory, recently added a zero after its decimal, following a massive correction that rocked the broader crypto market earlier this year.
While Shiba Inu has surged only 9.1% over the past year, Bitcoin has rallied by an astounding 167.1% in the same timeframe. Bitcoin’s massive rally is a result of the potential launch of a spot ETF for the asset.
Bitcoin Profits May Flow to SHIB
If the SEC approves the launch of Bitcoin spot ETFs, the price of BTC is expected to surge tremendously, thus putting many investors in massive profits. Bitcoin investors may channel these profits, which could be in millions of dollars, to other crypto assets like Shiba Inu.
With some Bitcoin profits flowing into Shiba Inu, the price of the canine-themed token could rally to new levels and possibly eliminate one of the zeros after its decimal.
Bitcoin Price Spikes Amid Fake BTC Spot ETF Approval
In the meantime, the SEC is facing a January 10 deadline to decide whether to reject or deny at least one of the multiple Bitcoin spot ETF applications. The deadline is related to an application submitted by Ark Investment and 21Shares.
Meanwhile, a fake post emanated yesterday from the SEC’s official X account, claiming that the regulator has approved all Bitcoin spot ETF applications. The post caused the price of Bitcoin to spike to $47,600, leading to the liquidation of over $300M in BTC.
Commenting on the development, SEC chair Gary Gensler denied the report, saying that the commission’s X account was compromised.
The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.
— Gary Gensler (@GaryGensler) January 9, 2024
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
