BlackRock's Third SEC Meeting Signals Spot Bitcoin ETF Approval

  • Earlier on Monday, the SEC released a memo to confirm that they met BlackRock and Nasdaq Stock Market employees.
  • As the clock ticks down to January 10, JPMorgan and other financial giants eagerly await the SEC’s judgment on their applications for Bitcoin ETF. Experts predict a final verdict by early 2024, but the SEC is taking its time to carefully examine each proposal.

Investment giant Blackrock has held a third meeting with the US Securities and Exchange Commission (SEC) in a week, potentially signifying the final steps before the approval of the first-ever spot Bitcoin ETF in the US. The meetings come ahead of the January 8-10 deadline for the SEC’s decision on various Bitcoin ETF filings, including Blackrock’s iShares Bitcoin Trust.

Analysts Predict Approval Soon

While some analysts predict that the SEC could approve all filers at once, others believe that approval is likely before the deadline. Michael Saylor, founder of MicroStrategy, has expressed confidence in a January approval, predicting a demand shock for Bitcoin. Mike Alfred, an entrepreneur, has predicted a 98.7% chance of Bitcoin ETF approval before January 10 and Galaxy Digital CEO Michael Nobogratz says Bitcoin ETF will be surely approved before January.

Implications of Approval on Crypto Market

If approved, Blackrock’s iShares Bitcoin Trust could have significant implications for the crypto market. As in front of us, only the rumors of approval have skyrocketed the Bitcoin Price. However, some analysts warn that a sudden influx of institutional capital could also lead to increased volatility and price swings in the short term as investors seek to capitalize on potential gains.

To conclude, Spot Bitcoin ETF approval is a hot topic these days in the crypto industry with a huge number of speculations and investors hope Bitcoin ETF approval is the real possibility before January 10.

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