Ignite

Bitcoin

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
Speculation around a potential Bitcoin bull run has surged amid the ongoing exchange-traded fund (ETF) frenzy.&nbsp;Observations made by Dave Weisberger, a leading analyst, have <a href="https://twitter.com/NateGeraci/status/1674050487329386496">added</a> more fuel to the fire.&nbsp;
He recently commented that BlackRock's proposed Bitcoin spot ETF has a strong chance of gaining approval from the U.S. Securities and Exchange Commission (SEC).
The sentiment suggests that a likely approval could serve as a catalyst for another Bitcoin rally.
Weisberger indicated that BlackRock's ETF proposal appears to address all of the SEC’s concerns, except for a potential bias against Bitcoin.
This suggests the asset management giant's Bitcoin ETF proposal robustly tackles the SEC's prior issues about market manipulation and surveillance, which have been traditional hurdles to approval.
The quest for launching a Bitcoin ETF has been a tumultuous journey, punctuated by several high-profile failures. A prime example was the attempt by the <a href="https://u.today/bitcoin-etf-geminis-cameron-winklevoss-shares-uber-bullish-take">Winklevoss twins</a>, Cameron and Tyler, known for their early involvement in Facebook. The duo made a pioneering effort to introduce a Bitcoin ETF as far back as 2013, an initiative that thrust them into the center stage of this ongoing saga.
<a href="https://u.today/heres-how-to-detect-crypto-scam-with-etherscan-knowing-only-website-name">card</a>Despite their best efforts, the U.S. Securities and Exchange Commission (SEC) rejected their proposal in 2017, and again in 2018, primarily on grounds of the potential for fraudulent and manipulative practices in the Bitcoin market.
If the SEC flips the switch and greenlights BlackRock's Bitcoin ETF, we could see a substantial wave of institutional capital surging into the cryptocurrency sector. ETFs generally represent a safer harbor for mainstream investors and institutions, and a Bitcoin ETF is expected to follow this trend. The mounting anticipation of this possibility has already set Bitcoin's price on an upward trajectory.
Still, it's important to remember that the SEC's verdict is yet to be etched in stone. The commission has been known to delay cryptocurrency ETF decisions. However, having BlackRock, a true titan in the industry, in the fray could tip the scales towards a positive outcome.

New Bitcoin Bull Around the Corner? Here’s What Might Ignite It

U_Today

Other articles published on Jun 28, 2023

FTX Suspends $500 Million Investment Offering in Anthropic, an AI Startup

Shido Tax Cooldown is here!

FTX Begins Negotiations on Relaunch, Discussion include Existing Customer Compensation Plan

Russie : Le « coup de couteau » de Wagner booste les cryptomonnaies

Awakening Whales Flock to Arbitrum: Did They Anticipate the Surge?

FTX Reportedly Suspends $500M Sale of Stake in AI Company Anthropic

Join our free newsletter for daily crypto updates!