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- On Thursday, Blackrock submitted an application to establish a spot Bitcoin ETF.
- The SEC has yet to approve the launch of a spot Bitcoin ETF in the U.S.
Following a challenging few weeks, the cryptocurrency market is beginning to show signs of recovery. After the U.S. Federal Reserve’s interest rate announcement, Bitcoin’s price fell below $25,000. The remarks made by Fed Chair Jerome Powell triggered the sell-off, despite the pause in rate hikes being favorable for risk assets like BTC.
Considering Powell’s hawkish remarks, the suspension of interest rate increases may be temporary. Nonetheless, investors were optimistic that the rise in rates might be coming to an end. The Fed, however, remains committed to achieving its 2% inflation target.
After experiencing a decline post-Fed announcement, Bitcoin’s price has rebounded to $25,500 on Friday, having found support around $24,700, marking a 2.48% increase in the past 24 hours.
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Awaiting SEC Approval
A number of factors, including significant oversold conditions, have played a role in the recent increase in BTC prices. However, the news that Blackrock has applied for a spot Bitcoin ETF could be the most pivotal element.
As the largest asset manager globally, Blackrock has taken a significant step toward obtaining one of the most coveted crypto regulatory approvals on Thursday. The firm has filed documents with the SEC in anticipation of launching the iShares Bitcoin Trust.
If the ETF receives approval, it will offer investors a way to gain exposure to the cryptocurrency market through a product provided by a prominent financial services company on Wall Street. Bitcoin supporter Mike Novogratz from Galaxy Digital tweeted about the importance of this approval for BTC.
Fun being on @LizClaman show!! And yes, @BlackRock getting a $BTC ETF through would be the best thing that could happen to $BTC. https://t.co/2fFBeB9eyo
— Mike Novogratz (@novogratz) June 16, 2023
The SEC has not yet granted approval for a spot Bitcoin ETF to be launched in the United States. It is currently involved in a legal dispute with Grayscale regarding the latter’s efforts to convert its Grayscale Bitcoin Trust into an exchange-traded fund. This conflict is anticipated to be resolved later this year.
