Bitcoin is up over 150% in 2023, and that momentum has captured hearts and minds on Wall Street, resulting in a landmark rush for its firms to launch the first-ever Bitcoin exchange-traded fund (ETF).

All eyes are now on the upcoming decision by the U.S. Securities and Exchange Commission (SEC) regarding the approval of a spot Bitcoin ETF, slated for January 10.

If the past is any indication, the ruling will have a significant impact on Bitcoin’s price, though whether positive or negative remains to be seen.

Potential for a Price Rise

Proponents of a Bitcoin ETF argue that its approval by the SEC would open the door to a flood of institutional and retail investments, driving the price of…

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