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According to sources, the biggest asset management in the world currently anticipates that its spot bitcoin ETF would be approved by early 2024.
According to FOX Business contributor Charles Gasparino, BlackRock, the largest asset manager in the world, is optimistic that the U.S. Securities and Exchange Commission (SEC) will approve its application for a spot bitcoin exchange-traded fund (ETF) by January 2024.
Through X (formerly Twitter), Gasparino revealed that BlackRock, which oversees assets valued at $8.5 trillion, is “becoming more and more confident” that the approval will be granted.
A former management of BlackRock predicted in October that the establishment of an ETF may push $200 billion into the bitcoin markets, potentially pushing the price of the most valuable cryptocurrency in the world up to $330,000.
Leading analysts predict that the SEC will make a decision on twelve ETFs by November 17, with an eight-day opportunity for consideration.
Experts on the impending approvals of spot bitcoin ETFs, Eric Balchunas and James Seyffart of Bloomberg, stated that choices were about to be made.
The experts predict that they will arrive in 2024, even if they do not arrive before Thanksgiving: They stated, “We still think there’s a 90% chance of approval by January 10.”
If the SEC rejects cryptocurrency ETF applications, it might also be subject to unfavorable legal action.
According to some analysts, the markets regulator is more likely to adopt a broad stance against many ETF applications than to look at each one separately.
In the meantime, BlackRock filed for a spot Ethereum ETF on Thursday by registering an iShares Ethereum Trust in Delaware.
The latter would fulfill a long-held desire of passionate cryptocurrency aficionados by enabling investors to indirectly invest in the second-largest cryptocurrency in the world on a conventional stock exchange.
According to CoinGecko, the announcement of BlackRock’s Ethereum trust in Delaware also contributed to the cryptocurrency’s price explosion above $2,000 on Thursday.
Overall, the price of ethereum increased by over 30% in November compared to November 2022, a rise of 85%.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial or investment advice. Always conduct your research before making any financial decisions.
