Bitcoin Cash BCH/USD is trading lower by 4.5% to $234.42 during Thursday's session, pulling back following recent strength. Recent cryptocurrency market volatility, particularly in Bitcoin Cash, is linked to growing optimism about the SEC's potential approval of a Bitcoin ETF.
Financial firms are adjusting their applications, and Bloomberg suggests a 90% chance of approval by January 10, 2024, even if it doesn't happen this month.
See Also: Bitcoin Price Is Cooling Off - What's Going On?
Why This Matters To Bitcoin Cash
Cryptocurrency markets are highly sensitive to regulatory news, as they are subject to evolving and uncertain regulatory environments. The SEC's decision on a Bitcoin ETF is a crucial regulatory event.
Any hints, delays, or decisions related to approval or rejection can cause sharp price movements.
The introduction of a Bitcoin ETF can make it easier for institutional investors to enter the cryptocurrency market, increasing liquidity and market depth.
With more significant capital flows, even relatively small trades can have a substantial impact on prices, leading to price swings.
See Also: Bitcoin Miner Marathon Digital Is Surging Thursday
Benzinga’s Future Of Digital Assets Event in New York scheduled on Nov.14. Attend and learn more about Bitcoin prices breaching all new thresholds. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.
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