Bitcoin (BTC) saw a minor slide to $41,978 when the cryptocurrency market began trading anew this week, falling by about 50% on Sunday.Concurrent with this action is a substantial transfer of Bitcoin to exchanges totaling over $860 million, which may be a warning of an impending large sell-off.Coinbase is scheduled to go up against the SEC in court after its request for unambiguous cryptocurrency regulations was turned down, which is likely to inflame already high levels of anxiety among investors.
Noting the increasing attention and scrutiny in the market, Blackrock has conversed with the SEC four times in relation to its application for a spot bitcoin ETF.
In order to present its idea for a spot Bitcoin exchange-traded fund (ETF), BlackRock, the biggest asset manager in the world, has met with the US Securities and Exchange Commission (SEC) four times.Nasdaq’s proposed rule change to allow for the listing and trading of shares of the iShares Bitcoin Trust was the main topic of discussion.Concerning their applications for spot Bitcoin ETFs, Grayscale Investments, Fidelity, Hashdex, and Franklin Templeton have recently held negotiations with the SEC.
Notably, SEC Chairman Gary Gensler announced that, in light of recent court rulings, the regulatory agency is reevaluating spot Bitcoin ETF filings.This has raised hopes that spot Bitcoin ETFs will be approved by the SEC, which will raise the price of bitcoin.Analysts at Bloomberg estimate that by January 10, there is a 90% likelihood that the idea will be passed.An clearance of this kind may raise investor confidence and possibly enhance demand for Bitcoin.