BitcoinBTCIndustry AnalysisLINKNewsPrice Prediction

Bitcoin spot ETF: BlackRock expects approval on this date

1 Mins read

  • BlackRock is expecting approval for its proposed Bitcoin spot ETF on the 10th of January.
  • The chances of rejection of the ETFs dropped from 10% to 5%, per an analyst.

The coming week might turn out to be historic for cryptocurrencies, as the U.S. Securities and Exchange Commission (SEC) was set to pronounce a decision on the spot Bitcoin [BTC] exchange-traded funds (ETFs) applications.

BlackRock expects approval on this day

Amidst the hype and anticipation, BlackRock, the world’s largest asset manager, remained optimistic about its chances. According to a report by Fox Business, the TradFi giant was expecting an approval on the 10th of January.

BlackRock submitted a request to the SEC for an ETF tied to the spot price of Bitcoin in June last year, encouraging other TradFi firms to drop their hat in the ring as well.

The filing by a company, with more than $9 trillion in assets under management (AUM), has been widely seen as the best indication of growing institutional interest in Bitcoin and cryptos in general.

Indeed, the market erupted in jubilation with Bitcoin rising 25% in a week following BlackRock’s submission at that time, AMBCrypto noticed using CoinMarketCap’s data.

Countdown begins

As of this writing, most formalities linked to the ETF applications have been completed. After this, the SEC is expected to officially start clearing the ETFs.

Meanwhile, the chances of rejection for the ETFs dropped from 10% to 5%, according to Bloomberg ETF analyst Eric Balchunas.

The probable reasons for rejection, including President Biden’s intervention and SEC coming up with new reasons, were deemed unlikely.

Read Bitcoin’s [BTC] Price Prediction 2023-24

Bitcoin spikes above $44,000

These developments continued to provide a bullish impetus to BTC. The king coin surged over 44,000 in the last 24 hours.

Moreover, the number of long positions taken for the world’s largest digital coin increased, as per AMBCrypto’s analysis of Coinglass’ data. The higher number of bullish leveraged bets vis-à-vis bearish ones, reflected confidence in Bitcoin.

Source: Coinglass


1409 posts

About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
Related posts

Indonesia's presidential elections pose uncertainty for the thriving cryptocurrency industry

1 Mins read
Indonesia, has emerged as a formidable player in the global cryptocurrency space in recent years. However, the nation’s upcoming general elections in…

Understanding the Cryptocurrency Boom - Dogecoin Climbs Due to X Payment Integration, While Stellar and BNB Also Experience Growth

1 Mins read
The cryptocurrency market has been experiencing notable gains over the past few days. This is led by an unexpected and surprising spike…

Crypto Entrepreneur Charged with Defrauding Investors Out Of $150 Million Through Marketing Scheme

1 Mins read
Federal prosecutors have charged a German businessman with securities fraud, wire fraud and money laundering for allegedly scamming over 150 investors out…

🚀 Ailtra Crypto Bot Earned $8.9M Million in 7 Months with 0% Loss!

🚀 Ailtra generated $7.4 in 7 months only!

Unlock 20-75% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st March an AI Crypto Bot boasting 20%-75% monthly gains and $7.5M earnings in 7 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,000 spots are available in first phase – claim yours fast! 🔥 will not disclose your account information to any 3rd parties.