JPMorgan: Spot Bitcoin ETFs Could Put โSevere Downward Pressure on Bitcoin Pricesโ
JPMorgan has warned that if the U.S. Securities and Exchange Commission (SEC) approves spot bitcoin exchange-traded funds (ETFs), it could lead to a significant drop in bitcoin prices. The bank believes that if Grayscale Investments converts its bitcoin trust (GBTC) into a spot bitcoin ETF, billions of dollars could flow out of the crypto market.
With Just 0.0004% of Bitcoinโs Hashpower, Solo Minerโs 2 PH/S Effort Secures Block Reward
A solo miner recently had incredible luck and managed to discover block 818,588 with just 0.0004% of Bitcoin’s hashpower. This miner verified over 4,000 transactions and obtained a total of 6.887 BTC, including the subsidy and transaction fees.
Standard Chartered Anticipates Bitcoin Reaching $100,000 Sooner Than Expected
Standard Chartered Bank is optimistic about Bitcoin’s future and has increased its price forecast to $100,000 next year. The bank attributes this optimism to the expected introduction of U.S. spot bitcoin ETFs, which could result in further price gains before the halving.
Blackrock Pushes to Use In-Kind Creation Method for Spot Bitcoin ETF: Report
Blackrock, the world’s largest asset manager, is reportedly advocating for the use of the in-kind creation method for its bitcoin ETF, which diverges from the cash creation model favored by the SEC. Blackrock and other spot bitcoin ETF applicants have met with the SEC to discuss their applications.
Hot Take: Spot Bitcoin ETF Approval and Its Potential Impact on Prices
JPMorgan’s cautionary statement about the potential approval of spot bitcoin ETFs by the SEC highlights the possible downward pressure it could exert on bitcoin prices. On the other hand, Standard Chartered Bank sees this approval as a catalyst for price upside, especially with the anticipated introduction of U.S. spot bitcoin ETFs. It remains to be seen whether the approval of such ETFs will have a positive or negative impact on the market, but it is clear that market participants have divergent views on the matter.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.
