The founder of PawZone, an NFT marketplace, has expressed his optimism for Shiba Inu (SHIB) and PawZone (PAW) tokens as the crypto market awaits the SEC’s approval of a spot Bitcoin ETF.
Shiba Inu (SHIB) and PawZone (PAW)Â are two tokens that have gained popularity among the crypto community, especially among the fans of meme coins and NFTs. SHIB is a token that was inspired by Dogecoin and features a Shiba Inu dog as its mascot. PAW is a token that powers PawZone, an NFT marketplace that allows users to create, buy, and sell digital art and collectibles.
The founder of PawZone, who goes by the name of @jds_updates on the X app, a social media platform for crypto enthusiasts, has shared his bullish view on both tokens as he anticipates the approval of a spot Bitcoin ETF by the SEC. A spot Bitcoin ETF is a type of investment product that tracks the price of Bitcoin and allows investors to buy and sell Bitcoin without owning the actual cryptocurrency.
@jds_updates believes that the approval of a spot in Bitcoin ETF will be one of the biggest catalysts for the crypto market and that it will boost the value and adoption of SHIB and PAW. He said that he believes that SHIB and PAW are only getting started and that many catalysts in crypto have led to a “buy the rumor, sell the news” scenario.
@jds_updates is not alone in his optimism for the Bitcoin ETF and its impact on the crypto market. Many industry experts have analyzed that the Bitcoin ETF will cause a significant influx of funds into the Bitcoin ecosystem, as well as into the new product. Some experts have speculated that the Bitcoin ETF will drive billions of dollars into the crypto market, causing the total capitalization to jump significantly.
Already, the talks about a fast-approaching spot Bitcoin ETF approval from the SEC have been contributing to the price rally of the underlying token. At this time, BTC is trading at $43,639.22, a significant pivot from its value exactly a year ago. A few days ago, Matrixport Research predicted that BTC’s price could breach the $50,000 mark in January 2024, with a 95% chance of Bitcoin ETF approval.
Meanwhile, the odds of receiving approval from the SEC over the proposed rule change for BlackRock, Fidelity Investments, WisdomTree, ARK 21Shares, Bitwise, Grayscale Investments, and many others are no longer at 95%, according to Mike Alfred. Last week, the valued investor and advisor highlighted that the odds are now at 98.7%, and unsurprisingly, pro-XRP lawyer John E. Deaton agrees with him.
Amidst these speculations, the SEC has asked all applicants to submit the final amendment of their S-1 filing by December 29 if they intend to be part of the first wave of spot Bitcoin ETF approval. The S-1 filing is a document that contains information about the issuer, the offering, and the risks involved. The SEC will review the filings and make a decision on whether to approve or reject the Bitcoin ETF applications.
The approval of a spot Bitcoin ETF by the SEC would be a historic moment for the crypto industry, as it would mark the first time that a major regulator has given the green light to such a product. It would also open the door for other cryptocurrencies to launch their own ETFs, potentially increasing the diversity and accessibility of the crypto market.
