The U.S. Securities and Exchange Commission (SEC) must decide by Jan. 10.

Fox Business Network’s Charles Gasparino, citing sources at BlackRock, reported that the SEC’s response may be expected by the end of the week due to the extensive paperwork involved.

Reuters had earlier indicated that the regulator might provide a response as soon as Tuesday or Wednesday.

On Dec. 29, several companies awaiting Bitcoin (BTC) spot approval updated documents as per the SEC’s request. The regulator has specifically asked for amendments to Form S-1. The company has put forth a fiat currency redemption model for ETF shares. The SEC deems this redemption model, suggested by the company, as a safer alternative for investors compared to redemption in BTC.

Approximately 14 companies, including BlackRock, Grayscale, 21Shares, Ark Invest, VanEck, Valkyrie Investments, Bitwise, Invesco Ltd., Fidelity, and WisdomTree Investments, are awaiting approval for Bitcoin-ETF.

Crypto market awaits decision on Bitcoin-ETF

The approval of a Bitcoin-ETF stands out as one of the most anticipated events this year. The SEC is expected to announce its decision as early as this week. In response to this development, the price of BTC is experiencing an upward trend.

Crypto trader and MN Trading Founder Michaël van de Poppe believed that a possitive SEC decision could propel the price of Bitcoin to $47,770 and Ethereum to $3,000. As of the current moment, BTC has already surpassed the $45,000 mark.

The regulator has until Jan. 10 to accept or reject the companies’ application. According to James Seyffart, an analyst at Bloomberg Intelligence, there is a 90% probability that the Bitcoin ETF will receive approval before that date. Investors and market participants are waiting for this decision, as it could significantly impact the trajectory of the cryptocurrency market.

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