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Bitcoin Recovers Most of Wednesday’s Flash Crash Losses Nearing Approval of BTC Spot ETF

Bitcoin Recovers Most of Wednesday’s Flash Crash Losses Amid Speculations of Imminent Approval of BTC Spot ETF

Following an impressive flash crash, Bitcoin (BTC) has made a significant rebound, nearly reaching $45,000, as speculations regarding the approval of a Bitcoin Spot ETF by the U.S Securities and Exchange Commission intensify.

Strong Comeback After a Flash Crash

After a sudden drop of over 10% on Wednesday, partially attributed to a report by Matrixport, Bitcoin quickly reversed the trend. Reports suggesting that the SEC was finalizing its comments on the ETF applications have bolstered investor optimism. Bloomberg’s Eric Balchunas and TechCrunch’s Jacquelyn Melinek have reported significant progress, indicating that multiple approvals could be imminent.

Ethereum Following in Bitcoin’s Footsteps

Markus Thielen of Matrixport, while acknowledging the possibility of rejection or delayed approval, expressed his expectation that Bitcoin Spot ETFs would ultimately be approved, despite potential short-term volatility. Thielen also suggested that attention could quickly shift to Ethereum (ETH), with applications for Ethereum-based Spot ETFs expected around May.

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