Bitcoin surged above $35,000 as optimism grew that the SEC would approve a spot Bitcoin ETF.
At this point, new statements came from JP Morgan, which recently announced its estimate regarding the date when the spot Bitcoin ETF will be accepted.
Stating that the Spot Bitcoin ETF could arrive “within months” and most likely before the January 10, 2024 deadline for Ark Invest and 21Shares applications, JP Morgan said it could face lawsuits if the SEC does not approve the ETF.
According to The Block, JPMorgan analysts led by Nikolaos Panigirtzoglou stated in the report that if the SEC does not approve spot Bitcoin ETF applications, it may face lawsuits filed by companies applying for ETFs.
“Denial of any spot ETF applications could trigger litigation against the SEC and lead to further legal problems for the SEC.
“We believe a new legal fight over spot Bitcoin ETF approval is not something the SEC wants to face again.”
In another report, JP Morgan stated that the recent rise in Bitcoin was supported by institutional investors. At this point, JP Morgan stated in its report that there is a significant amount of BTC inflow to major wallets, which indicates institutional investor demand.
*This is not investment advice.