Blackrock, JPMorgan Prepare For Imminent Spot Bitcoin ETF Approval

Investment manager Blackrock and Wall Street giant JPMorgan Chase & Co have reportedly asked their employees to be prepared for an imminent spot Bitcoin ETF approval from the U.S. Securities and Exchange Commission (SEC). Blackrock had earlier named JPMorgan as the lead authorized participant (AP) in its recent ETF filing.

Also Read: Crypto Transactions Over $10,000 Face Stricter IRS Scrutiny Under New US Rules

Blackrock, JPMorgan & Bitcoin ETF Dominance

When Blackrock chose JPMorgan as its authorized participant, the crypto community called out the ‘irony’ recalling that the Wall Street bank’s chief executive officer Jamie Dimon demanded that Bitcoin usage be banned in the United States. John Deaton, the attorney representing XRP token holders in the Ripple lawsuit against the SEC, reiterated his previous stance that the likes of Blackrock wanted to gain a share of the crypto market before the SEC opens the doors to regulatory guidance, all while people like Dimon criticized the crypto space.

Meanwhile, it remains to be seen if Blackrock would be able to compete against crypto focused players like Grayscale in its pursuit to replicate its dominance in the Bitcoin ETF space. The investment manager handles assets worth around $9 trillion for clients across the world.

BTC Price Target

Meanwhile, the Bitcoin (BTC) Price is showing intense bearish signs at the moment following an unconfirmed report that the US SEC may reject spot Bitcoin ETF applications against general expectations. The digital currency has slumped by 7% over the past 24 hours to $42,5000, stirring more than $655 million in crypto liquidations.

It remains to be seen if the BTC price will touch the psychologically important milestone of $50,000 ahead of the expected spot Bitcoin ETF approval window between January 8-10, 2024.

Also Read: Bitcoin ETF: How Will BlackRock Balance Fees with Market Dominance?