Galaxy Digital's Novogratz says U.S. approval of spot bitcoin ETF likely - report

Galaxy Digital Holdings ( OTCPK:BRPHF ) founder Mike Novogratz was said to have predicted Wednesday that the U.S. Securities and Exchange Commission will likely approve exchange-traded funds that invest directly in bitcoin ( BTC-USD ), despite years of rejections. Approving what would be the first-ever spot bitcoin ( BTC-USD ) ETF in the U.S. "is probably going to happen, he told Bloomberg TV in an interview. BlackRock ( BLK ), Fidelity Investments and Invesco ( IVZ ) are among the asset management giants vying to be the first to market such a product in the country, a move that could drive broad adoption of BTC to stock-market investors. Novogratz contended that bitcoin ( BTC-USD ) will end the year higher , especially if the Federal Reserve stops hiking interest rates, but didn't specify a target price. Bitcoin ( BTC-USD ), meantime, continued to oscillate in a tight trading range of $30K-$31K that's persisted since June 21, drifting down 1.1% to $30.2K in late afternoon trading. More on the crypto market: Ethereum: Equity Tokenization Is Coming A Regulatory Catalyst Is Emerging For Bitcoin Crypto Roundtable: Top Picks For 2023, Bitcoin's Price At Year-End, The Halving's Impact, And More