Will SEC Rejection of ETF Impact Bitcoin Price?

Bitcoin price predictions have become a hot topic of discussion among crypto traders today after the US Securities and Exchange Commission’s plan for a BTC spot exchange traded fund (ETF).

Grayscale sought to transform its Bitcoin Trust into an ETF for Bitcoin before the SEC rejected its application. According to the organization, Grayscale does not have the protections for the ETF under its current proposal.

The company says it has plans to sue the SEC for rejecting its Bitcoin ETF application. The company has already filed a petition before the US Court of Appeals for District of Columbia Circuit. The company argues that the SEC is not offering the same treatment to similar investment vehicles. It claims this is violates the Administrative Procedure Act and Securities Exchange Act of 1934, CNBC notes.

The latest news has further hurt the reputation of Bitcoin and that has some investors checking in on the latest price predictions for the crypto.

2023 Bitcoin Price Predictions

1. DigitalCoinPrice starts off our list with an average price estimate of $28,001.24 per token in 2023.

2. WalletInvestor is next as it holds a one-year price forecast of $37830.30 for BTC.

3. CryptoNewZ closes out our Bitcoin price predictions with an average estimate of $32,000 for 2023.

All these price predictions are looking good for Bitcoin considering it was trading for $19,011.28 this morning. It is also worth highlighting that BTC is down 5.5% over the prior 24-hour period as of Thursday morning.