Bitcoin

<p>Bitcoin’s valuation is tantalizingly close to the $30,000 mark, with its price soaring to $29,900. This surge has been catalyzed by a monumental update from the cryptocurrency domain.</p><h3 id="unexpected-announcement-takes-market-by-storm">Unexpected Announcement Takes Market by Storm</h3><p>Eric Balchunas, a noted analyst, expressed his astonishment at the news, which came unexpectedly ahead of time. He’s currently in the process of verifying the information. Following the news, the <a href="https://blockchainreporter.net/bitcoin-price/" rel="noopener noreferrer nofollow">Bitcoin price</a> surged past $29,900. A confirmation of this news, coupled with possible approval of other ETF applications, could see the cryptocurrency sector skyrocketing, at least in the interim.</p><h3 id="a-waiting-game-with-the-sec">A Waiting Game with the SEC</h3><p>The SEC has previously been hesitant in making decisions on a slew of proposed alterations, with submissions from renowned companies such as Fidelity (Wise Origin), VanEck, WisdomTree, and Invesco. These corporations aspired to launch a spot Bitcoin ETF through the Cboe BZX Exchange.</p><p>Delays also plagued decisions for Valkyrie Investments and BlackRock’s iShares, both aiming to provide ETFs via Nasdaq. Bitwise had its eyes set on introducing its ETF through NYSE Arca. The set deadlines for these determinations were largely clustered around mid-October.</p><p>Considering the history of the aforementioned firms, whose earlier Bitcoin ETF applications were declined by the SEC, there were apprehensions about possible postponements or rejections. This cycle of uncertainty could have commenced yet another round of submissions, approvals, postponements, and refusals.</p><h3 id="shift-in-sec-s-outlook">Shift in SEC’s Outlook?</h3><p>The potential endorsement of the iShares Bitcoin ETF might indicate a change in the SEC’s perspective. BlackRock, iShares’ parent firm, has a commendable track record of winning ETF proposals. Its latest Bitcoin spot ETF initiative is supported by Coinbase through a surveillance-sharing pact.</p><p>While this could be a beacon of hope for similar submissions, especially those mirroring BlackRock’s, it’s vital to understand that the SEC’s green signal for one application doesn’t ensure the same for others.</p><h3 id="bright-future-for-crypto-finance">Bright Future for Crypto Finance?</h3><p>Grayscale’s reported plan of transitioning its GBTC fund into an ETF has further buoyed optimism, suggesting more potential endorsements down the line. If validated, the SEC’s nod for the <a href="https://www.ishares.com/" rel="noopener noreferrer nofollow">iShares</a> Bitcoin ETF would be a landmark in the evolution of cryptocurrency finance, possibly signaling an end to the continuous merry-go-round of approvals, postponements, refusals, and fresh submissions.</p>

SEC Nods to iShares Bitcoin Spot ETF, Driving Bitcoin Near $30k

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