Bitcoin, Ethereum (ETH), and XRP are the particular focus of an anticipated upcoming bull run in the cryptocurrency market, as indicated by a recent Forbes report. In this context, it’s suggested that BlackRock and JPMorgan are positioned to initiate this surge. The report indicates that all major cryptocurrencies are expected to experience a significant surge led by BlackRock in the current month.
The report highlights a recent incident where Bitcoin’s price surged due to false reports claiming that the U.S. Securities and Exchange Commission (SEC) had approved BlackRock’s Spot Bitcoin Exchange Traded Fund (ETF). Additionally, Forbes emphasizes that BlackRock made history last week by becoming the first Wall Street firm to implement JPMorgan’s blockchain-based collateral settlement system. Larry Fink, the CEO of BlackRock, believes this move will usher in “the next generation for markets.”
Over the past year, Fink has been increasingly vocal about the significance of cryptocurrencies. In his annual shareholder letter, he referred to the technology as “very important” and expressed that “very interesting developments are happening in the digital asset space.”
Fink goes on to predict that cryptocurrencies will surpass traditional currencies, stating, “Importantly, because it’s so international, it’s going to transcend any single currency in terms of currency valuation.”
Bitcoin’s Future: Predicting When BlackRock Will Ignite the Rally
The U.S. Securities and Exchange Commission (SEC) has twice delayed its decision regarding the BlackRock Spot Bitcoin Exchange Traded Fund (ETF). However, according to numerous experts, the SEC is likely to grant approval for this application by early next year. A former director at BlackRock has suggested that the SEC could greenlight the application within a span of three to six months, aligning with the expectations of other forecasts.
In addition to the Spot Bitcoin ETF, another significant event on the horizon is Bitcoin’s fourth halving scheduled for April 2024. Halvings are generally viewed as favorable for the cryptocurrency as they reduce the rate at which new BTC coins are created. The conjunction of a halving event and the potential approval of a Spot Bitcoin ETF could serve as the catalyst for a fresh bull run in the crypto market. Many market experts are anticipating that major cryptocurrencies will attain new all-time highs, surpassing the levels seen in 2021.