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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, 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 the BlackRock holds ara record of 575 filings approved by the SEC against only one rejectiond. He believes that its 50-50 chance.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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