Benzinga - With the backdrop of the U.S. Securities and Exchange Committee's (SEC) recent decision not to contest a court ruling in the Grayscale Bitcoin (CRYPTO: BTC) ETF case, the crypto market experienced a whirlwind of excitement following a false report about the approval of a spot Bitcoin Exchange Traded Fund (ETF), signifying the eager anticipation within the institutional sector for this milestone.
Experts concurred the erroneous news, which momentarily propelled Bitcoin's price upwards, showcased the significant impact the approval of a spot Bitcoin ETF would have on the market.
Speaking with Benzinga, they underscored the potential for increased Bitcoin adoption, a surge in trading volume and an influx of capital, while also highlighting the necessity for a fair market environment devoid of manipulation.
This unfolding saga will be a focal point at Benzinga's Future of Digital Assets conference to be held on Nov. 14, where experts will delve into the potential impacts and the forthcoming reality of a Bitcoin ETF.
Markus Levin, co-founder of XYO Network, believed the approval of a spot BTC ETF would significantly bolster Bitcoin adoption, especially among institutions.
"That Bitcoin surged significantly after the false report of a BTC spot ETF approval indicates the immense anticipation at the institutional level," Levin said.
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Levin expected a massive influx of capital into the market once an ETF was sanctioned, leading to a notable rally. While he speculated a green light may likely be given early next year, he emphasized it was only a matter of time.
Brian D. Evans, CEO and founder of BDE Ventures, echoed similar sentiments, highlighting the immense excitement surrounding the Bitcoin ETF.
"The momentary spike in Bitcoin value, following the now-debunked news of an approval, suggests that the real event might trigger an even more significant jump," he said, adding that approval might be on the horizon sooner than many anticipate, suggesting the crypto industry might soon transition from its current "Crypto Spring" to a "Crypto Summer."
Dave Weisberger, CEO and co-founder of CoinRoutes, shed light on the potential market manipulation shadowing the event.
"While there's evident latent demand in the market," he stated, "the SEC's role isn't to influence market winners and losers but to ensure fairness and balance."
The SEC had chosen not to challenge a court ruling that directed a review of its denial of Grayscale's bid to transition its Bitcoin trust into an ETF.
This decision might expedite the introduction of the first Bitcoin ETF in the U.S.
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