Anticipation is building as analysts and influencers in the space predict the imminent arrival of BlackRock’s Bitcoin spot ETF. Renowned crypto YouTuber Crypto Rover, who boasts an impressive 100,000 subscribers, suggests that the real deadline or expectation date for the BlackRock Bitcoin spot ETF is within the coming 60-90 days.
The basis for this expectation lies in BlackRock’s decision not to appeal Grayscale’s recent legal victory, implying that they have no solid ground to reject any Bitcoin Spot ETF applications.
According to Crypto Rover, the final deadline for the initial application from ARK, another prominent player in the crypto investment sphere, is set for January 10, 2024. Crypto enthusiasts speculate that should the SEC decide to approve any ETF; they are likely to greenlight all of them simultaneously rather than cherry-picking one and denying the rest.
Consequently, the prevailing sentiment among industry insiders is that the first Bitcoin spot ETF will likely see the light of day well before January 10, 2024.
Meanwhile, ‘The Wolf Of All Streets’ stated, “GARY GENSLER IS ‘STANDING IN THE WAY’ OF SPOT BITCOIN ETFS – CATHIE WOOD.” Cathie Wood, the head of Ark Invest, a prominent asset management firm, expressed her belief that it is not the SEC as an entity but SEC Chair Gary Gensler who poses the main obstacle to spot Bitcoin ETF approvals.
Wood contends that the SEC’s staff is well-informed about BTC and recognizes its merits. She further expressed her confusion regarding Gensler’s approval of a Bitcoin futures ETF while holding back on the spot Bitcoin ETF, even though the latter presents fewer counterparty risks.
Notably, Ark Invest has faced two previous rejections of their ETF attempts by the SEC. The recent legal victory of Grayscale Investments has added pressure on the SEC to re-review its stance on spot Bitcoin ETFs.
Expert Insights On Bitcoin’s Price Waves
Turning to the market’s recent price action, BTC experienced a sudden surge to $30,000. This dramatic price movement was reportedly triggered by a misleading report from Cointelegraph, which falsely claimed that the SEC had approved the iShares BTC Spot ETF. The erroneous news led to over $70 million in liquidations, highlighting the market’s sensitivity to major developments.
As experts weigh in on BTC’s price analysis, Analyst Michaël van de Poppe tweeted his perspective, expressing positivity about BTC’s current position above $28,000 despite the previous day’s market turbulence. He anticipates a “Buy the Dip” season, suggesting that if BTC’s price reaches $27,300 to $27,700, it presents a favorable buying opportunity.
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