Blackrock signals approval for spot Bitcoin ETF in third meeting with SEC
The post Blackrock and SEC’s Third Meeting Signals Spot Bitcoin ETF Approval appeared first on Coinpedia Fintech News
On Monday morning, the SEC released a memo confirming that it had met with BlackRock and Nasdaq Stock Market officials.
As the clock ticks to January 10th, JPMorgan and other financial giants are eagerly awaiting the SEC’s ruling on their Bitcoin ETF application. Although experts expect a final ruling by early 2024, the SEC is taking its time and carefully reviewing each proposal.
Investment giant Blackrock has held its third meeting with the U.S. Securities and Exchange Commission (SEC) in a week, potentially marking the final step before approval of the country’s first spot Bitcoin ETF. The meeting took place ahead of the Jan. 8-10 deadline for the SEC’s decision on the filings of various Bitcoin ETFs, including Blackrock’s iShares Bitcoin Trust.
Analysts predict approval will come soon
Some analysts predict that the SEC could approve all filers at once, while others believe approval is likely to come before the deadline. MicroStrategy founder Michael Saylor expressed confidence about a January approval, predicting a demand shock for Bitcoin. Entrepreneur Mike Alfred predicted a 98.7% chance of a Bitcoin ETF being approved before January 10th, and Galaxy Digital CEO Michael Nobogratz predicted Bitcoin He said the ETF would definitely be approved before January.
What Cryptocurrency Market Approval Means
If approved, Blackrock’s iShares Bitcoin Trust could have a significant impact on the cryptocurrency market. Just like before us, the rumor of approval alone caused the price of Bitcoin to skyrocket. But some analysts warn that a sudden influx of institutional capital could lead to increased volatility and price swings in the near term as investors seek to capitalize on potential profits.
In conclusion, Spot Bitcoin ETF approval is a hot topic with a lot of speculation in the cryptocurrency industry these days and investors are hoping that Bitcoin ETF approval is actually possible before January 10th.
