While experts predict that the US SEC will approve a spot Bitcoin ETF within the next six months, BlackRock executives have confirmed that its application has not received the green light.
Bitcoin (B T c) The price experienced massive fluctuations on Monday, which briefly pushed Mothercoin to $30,000. Although Bitcoin’s price stabilized around $28.2k on Tuesday, significant damage had already been done to leveraged traders. According to market aggregate data provided by CoinGlass, more than $111 million was liquidated from the Bitcoin market in the last 24 hours. Specifically, Bitcoin’s increased volatility was caused by a fake news spread by Cointelegraph, which stated that the United States Securities and Exchange Commission (seconds) had approved BlackRock Inc.’s (NYSE: BLK) iShares Spot Bitcoin Exchange Traded Fund (ETF).
The fake news was quickly debunked due to a lack of evidence to support Ointelegraph’s claims. Additionally, BlackRock confirmed that its spot Bitcoin ETF application is still under review by the SEC. Nonetheless, crypto traders continued to ride the wave, causing Bitcoin’s daily average traded volume to more than double to nearly $28 billion in the last 24 hours.
Bitcoin gets a little taste of spot ETF approval
As Bitcoin price struggled to rise above $28k, claims of spot ETF approval saw FOMO traders go long the instrument within the short term. According to the latest market data provided via TradingView, Bitcoin’s dominance on the altcoin market has increased by approximately 1.4 percent over the past five days to approximately 51.66 percent. In particular, crypto traders are eagerly awaiting spot ETF approval in the United States as it will open the door to new funds for institutional investors seeking to hedge against high fiat inflation.
The US SEC is currently reviewing a dozen spot ETF applications and market experts believe the agency may approve them all at once to avoid any fund manager having to step in. Additionally, the SEC did not appeal Grayscale Investments’ decision, significantly increasing the chances of spot ETF approval.
“Given the SEC has faced pressure from the courts and the US House Financial Services Committee, it is a question of when, not if, these approvals get the green light. When these approvals occur, it will open up new possibilities for many sovereigns, pension funds, IRAs and 401k as well as other institutions that have not had access to digital asset investment opportunities before this point,” said Philippe Bekhazi. , Chief Executive Officer of XBTO Global.
Nonetheless, Edward Snowden, a former computer intelligence consultant who is popular for leaking classified documents belonging to the United States National Security Agency (NSA), recently noted Said during the Bitcoin Amsterdam 2033 conference that spot ETF approval would put more regulatory scrutiny on the path to economic freedom.
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