This Wednesday, the long-awaited approval can finally come for BlackRock’s Bitcoin Spot ETF. The world’s largest asset manager is one of the leading candidates to launch the first Bitcoin ETF, but is still waiting for the SEC to review their application.
For this purpose, BlackRock updated their 19b-4 registration last Friday. There are other institutions that have this application pending; VanEck, WisdomTree, Pando Asset AG and Franlink Templeton also submitted this form last week.
The crypto market has been waiting for the possible approval of BTC ETFs for a long time. Many traders expect that the admission of BTC ETFs on the open market could bring a lot of additional money to the crypto market.
The Bitcoin price has been fluctuating for some time due to the news surrounding BTC ETF applications. Every time approval appears to be coming, or a postponement of a decision is announced, the price reacts accordingly.
There are proponents and opponents of the BTC ETFs, with non-profit organization Better Markets indicating in a letter to the SEC last week that the approval of these ETFs would be a ‘regulatory error of historic proportions’.
Bitcoin drops 8% after rumors of new postponement
Last Wednesday, the BTC price crashed after Matrixport released a message that the SEC will reject BTC ETFs. As is often the case in the crypto market, there is another party that claims the opposite.
For example, TechCrunch expects approval that can even happen within 24 hours. It is difficult to determine which messages are reliable and which are not. But it is clear that ETFs are causing a lot of commotion in the market.
A report from Reuters says that discussions are still ongoing between the investment companies that have submitted an application and the SEC about possible approval. They therefore expect that a decision will be made quickly.
As soon as theBitcoin price rises, it often takes the rest of the market along with the sentiment. As a result, it is also expected that tokens based on Bitcoin could rise significantly.
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