Charles Gasparino, FOX Business Senior Correspondent, has reported that the long-anticipated Spot Bitcoin Exchange-Traded Funds (ETFs) are indeed a “done deal,” with trading slated to commence this Thursday. 

This confirmation from FOX Business cements earlier speculations, affirming that the final green light for Spot Bitcoin ETFs has been granted, signaling an imminent leap into the regulated investment sphere for Bitcoin.

The potential commencement of trading on Thursday would mark a watershed moment for the Bitcoin industry, providing a gateway for both institutional and retail investors to access BTC exposure through traditional financial instruments.

It is important to note that the SEC has not yet officially approved any spot Bitcoin ETFs at the time of writing. But with the approval or denial decision due tomorrow, it is expected by industry experts that the ETFs will be approved.

As the countdown begins towards tomorrows expected approval and Thursdays potential launch, anticipation builds among market participants, eager to witness this historic milestone that is poised to reshape the dynamics of Bitcoin investments and potentially pave the way for further institutional adoption of Bitcoin.

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Spot Bitcoin Exchange-Traded Funds (ETFs) could potentially commence live trading as early as Thursday or Friday, with approval happening this Wednesday, sources close to the matter told CNBC. 

This news comes amid intense anticipation for the launch of Spot Bitcoin ETFs, a significant milestone anticipated to provide mainstream investors with a regulated avenue to gain direct exposure to Bitcoin.

“Two sources close to the process now telling me it’s looking like Wednesday, which is also the deadline for Cathie Wood’s ARK and 21Shares bid,” said CNBC anchor Kate Rooney. “Then I’m told trading would happen Thursday or Friday, but it has been a moving target here on dates.”

The imminent possibility of live trading for these ETFs signals a significant leap forward in the integration of Bitcoin into traditional financial markets. CNBC’s report adds to the growing speculation surrounding the imminent introduction of these ETFs, which have been eagerly awaited by both institutional and retail investors.

Should the live trading commence as projected, it would mark a historic moment for the Bitcoin industry, reflecting a seismic shift in the perception and adoption of BTC among traditional investors.

While the specific details and exact launch time remain speculative, the potential realization of Spot Bitcoin ETFs trading live signifies a culmination of rigorous regulatory evaluations and market readiness, bringing Bitcoin one step closer to wider acceptance and legitimacy within the financial landscape.

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Bitcoin was once again trading below $28,000, as markets consolidated ahead of Friday’s non-farm payrolls report. Payrolls are expected to come in at 240,000 for last month, with the unemployment rate in the U.S. remaining at 3.6%. Ethereum was also lower today, following an eight-month high on Wednesday.

Bitcoin

Bitcoin (BTC) was once again trading under $28,000 on Thursday, as markets began to prepare for tomorrow’s non-farm payrolls report.

BTC/USD dropped to an intraday low of $27,831.56 in today’s session, which comes less than 24 hours after trading at a high of $28,714.22.

The move came as bitcoin bulls were unable to sustain a breakout of a key resistance level of $28,500.

Looking at the chart, this latest drop in price came as the 14-day relative strength index (RSI) dropped below a floor of 58.00.

As of writing this, the index is now tracking at 57.80, with the 10-day (red) moving average nearing a downwards cross with its 25-day (blue) counterpart.

Should sentiment remain bearish, there is a strong possibility that BTC will fall to a floor at $27,000.

Ethereum

Ethereum (ETH) was also lower in today’s session, as prices slipped from an eight-month high the day prior.

Following a high of $1,924.47 on Wednesday, ETH/USD dropped to an intraday low of $1,859.00 earlier in the day.

As a result of this decline, ethereum has fallen from its strongest point since Aug. 17, when the price hit a peak of $1,957.

Similar to bitcoin, today’s drop came as a result of the the RSI hovering below a recent support point at 61.00.

Overall, it appears that earlier bulls have moved to take profits, ahead of the upcoming uncertainty in the market.

At the time of writing, ethereum is trading at $1,871.63.

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Could ethereum move above $2,000 in April? Leave your thoughts in the comments below.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.