Bitcoin ETF News: Bitcoin (BTC), the world’s largest cryptocurrency, revived the pivotal $30,000 price level as investment management giants like BlackRock registered for the Spot BTC Exchange Traded Fund (ETF). However, experts familiar with the matter believe BlackRock’s filing is likely to receive SEC approval.
Also Read: Impending XRP Bulls Signal On-Chain Data
SEC wants to wave green flag for Bitcoin ETF?
The U.S. Securities and Exchange Commission has denied numerous spot Bitcoin ETF applications, citing the risk of fraud and manipulation in the market. However, the commission only allowed ETFs based on bitcoin futures contracts to trade in the market.
There is a surge of consensus among market pundits that BlackRock could be successful this time around. The US Securities and Exchange Commission is expected to be more likely to give the filing a green light as its concerns have largely been allayed. However, this move could prove to be extremely good news for the crypto industry and lead it to recover from recent losses.
According to the Financial Times Report, CoinRoutes CEO Dave Weisberger believes the BlackRock ETF is likely to be approved. While Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, mentioned that BlackRock holds a record 575 SEC-approved applications versus just one rejection. He thinks it’s a 50/50 chance. For more bitcoin news, click here…
Also read: Why the verdict in the XRP litigation is taking so long?
Why is this application different?
Experts suspect that BlackRock’s filing looks different than the filing previously filed and that these differences may find their approval. They noted one major difference in the process: the Nasdaq exchange, on which the iShares Bitcoin Trust would be listed, could enter into a surveillance sharing agreement.
However, spot bitcoind ETF fill applications from Invesco, Wisdontree, Bitwise, and Valkyrie have all been rejected in the past.
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