The spot bitcoin ETF is the “most important short-term catalyst,” according to Cantor Fitzgerald

According to a Bloomberg News story, analysts at Cantor Fitzgerald are becoming more optimistic that the SEC would approve a spot bitcoin exchange-traded fund (ETF) as a result of the market monitoring techniques recommended by asset managers.

Analysts at the financial services company Cantor Fitzgerald predict that the long-awaited spot bitcoin exchange-traded fund will soon be launched.

According to Bloomberg News, the prime brokerage and investment banking business is “increasingly confident” that the SEC would approve a group of applications from asset managers seeking to create a bitcoin spot ETF.

The government has been hesitant to approve such a product because to concerns about manipulation on offshore spot platforms, but new applications may be approved if they implement the agency’s recommended market monitoring methods.

According to company representatives Josh Siegler and Will Carlson, “a complete surveillance-sharing partnership with a regulated industry of significant size” would appease authorities.

According to the experts, approving a spot ETF would be a major short-term driver for the price of bitcoin, as well as “a bedrock moment for Bitcoin’s long-term acceptance and legitimization.” Appropriate recognition was called the “most critical immediate catalyst.”

The SEC has expressed worry about the absence of information sharing across exchanges as a reason for rejecting previous proposals. However, BlackRock has an agreement with Coinbase to monitor the market for anomalies and take corrective action if necessary; the firm filed its proposal in June.

Bitcoin’s value has risen to almost $35,000 this month, after a jump in the preceding weeks on news of a possible spot ETF approval.

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