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Bitcoin ETF News: Bitcoin (BTC), the world’s largest cryptocurrency regained the crucial $30k price level as investment management giants like BlackRock moved ahead to register for the spot BTC Exchange Traded Fund (ETF). However, experts familiar with the matter suggest that BlackRock’s request is likely to get approval from the U.S. Securities and Exchange Commission (SEC).
Also Read: XRP Bulls Coming In Signals On-Chain Data
SEC To Wave Green Flag For Bitcoin ETF?
The US SEC has been on a spree of rejecting applications around spot Bitcoin ETF mentioning the risk of fraud and manipulation in the market. However, the commission only allowed ETFs based on Bitcoin futures contracts to operate in the market.
A wave of agreement can be seen among the market experts that BlackRock might succeed this time. It is expected that the US SEC is more likely to give a green light to the application as its concerns have been largely addressed. However, this move can prove to be massive good news for the crypto industry leading it to recover from recent losses.
As per Financial Times Report, Dave Weisberger, chief executive of CoinRoutes believes that the BlackRock ETF is likely to be approved. While Eric Balchunas, senior ETF analyst at Bloomberg Intelligence mentioned that BlackRock holds ara record of 575 filings approved by the SEC against only one rejection. He believes that it’s a 50-50 chance. Read More Bitcoin News Here…
Also Read: Why XRP Lawsuit Verdict Is Taking So Long?
Why This Application Is Different?
Experts suggest that BlackRock’s application looks different from the earlier filed request and these differences could gain their approval. They spotted a major difference in the process, Nasdaq exchange where iShares Bitcoin Trust would be listed might enter into a surveillance-sharing agreement.
However, Invesco, Wisdontree, Bitwise and Valkyrie applications for spot Bitcoind ETF fillings have been rejected in the past.
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