BlackRock Expects Approval for Bitcoin ETF
The long-awaited approval for a spot Bitcoin exchange-traded fund (ETF) may finally come this Wednesday. BlackRock, the world’s largest asset manager, is reportedly expecting its application to be approved. BlackRock is among several firms that submitted updated filings for proposed spot Bitcoin ETFs. Other companies in the mix include Grayscale Investments, Valkyrie, ARK 21Shares, and Invesco. The approval of spot Bitcoin ETFs has been highly anticipated by cryptocurrency enthusiasts, who believe that these funds could attract billions of dollars in fresh investments into the cryptocurrency market.
Bitcoin Drops 8% after ETF Delay Rumors
Bitcoin crashed to as low as $40,000 after a report claimed the SEC is poised to reject spot Bitcoin ETF applications this month. However, there have been rumors that approval can come in the near future. Senior TechCrunch crypto reporter Jacquelyn Melinek said that approval could occur within 24 hours. Furthermore, investment management firms, stock exchanges, and the SEC discussed final wording changes on filings for spot Bitcoin ETFs on Friday, a step that could lead to approval of the funds for the first time next week.
Hot Take: Will the Approval Finally Happen?
After much anticipation and speculation, it seems that the approval for a spot Bitcoin ETF may finally be on the horizon. BlackRock, along with other major firms, is expecting their applications to be approved this Wednesday. This news has sparked excitement among cryptocurrency enthusiasts who see this as an opportunity to attract significant investments into the market. However, there are still concerns about the volatility and lack of regulation in the bitcoin market raised by critics. Only time will tell if this historic approval will happen and what impact it will have on the cryptocurrency industry.
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