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Pro trader: SEC will ‘throw a bone’ to crypto market with Bitcoin ETF approval

Pro trader: SEC will ‘throw a bone’ to crypto market with Bitcoin ETF approval

After BlackRock (NYSE: BLK) filed for a spot Bitcoin (BTC) exchange-traded fund (ETF), giving way to more filings and a new wave of optimism in the cryptocurrency market, the chief market strategist believes the United States Securities and Exchange Commission (SEC) will finally approve it.

As it happens, Gareth Soloway has shared his opinion that the spot Bitcoin ETF will, indeed, happen as a way for the SEC to “throw a bone to the crypto markets” amid heightened scrutiny that has culminated in multiple lawsuits, as he told Stansberry Research’s Daniela Cambone in an interview streamed on July 5.

“At this point, I think it’s going to happen. (…) And I almost think it’s like the SEC throwing a bone to the crypto markets, like ‘okay, well we’ve crushed you on everything else, your hopes and dreams for everything else, so here’s one positive.”

‘ETF not a game changer’

On the other hand, the trading expert does not view this approval “as really a game changer” for the sector, particularly as there are already various ETFs available for other assets, such as gold ETF, as well as the Bitcoin futures ETF, noting that emotions drive 99% of the cryptocurrency market.

With this in mind, Soloway has warned that the spot Bitcoin ETF approval does not necessarily mean that the flagship decentralized finance (DeFi) asset will not go through “a large correction” this year, with “downside targets of $20,000 again, $15,700, maybe even lower.”

Meanwhile, Bitcoin was at press time changing hands at the price of $30,607, demonstrating an increase of 0.93% on the day, a slight decline of 0.1% across the previous week, and a 19.62% gain on its monthly chart, as per the latest data retrieved on July 6.

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