Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.
Business

SEC Leak Reveals Sudden $17.7 Trillion Bitcoin ETF “Update” – Sparking Crypto Price Surge


BitcoinBTC is tightly coiled after surging higher over the past two months (with Coinbase revealing a new multi-billion dollar opportunity this week).

Subscribe Now to Forbes advisor on crypto-assets and blockchain and successfully navigate the bitcoin and crypto market roller coaster ahead of next year’s historic bitcoin halving!

The price of bitcoin has more than doubled in the past 12 months, propelling bitcoin and crypto back into the spotlight, despite surprise fears that the US government and potential spot exchange-traded fund (ETF) BlackRock’s Bitcoin are on the verge of “killing” bitcoin.

Today, as Bitcoin and crypto traders weigh a “breakthrough” from BlackRock, a leading ETF analyst claimed that leaked discussions from the US Securities and Exchange Commission (SEC) revealed that the agency was trading with crypto exchanges on ETF apps.

The historic Bitcoin halving, which is expected to cause cryptocurrency price chaos, is fast approaching! sign up now for free CryptoCodexA daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market

MORE FROM FORBESCoinbase Reveals “Massive” $48 Trillion Opportunity Amid Bitcoin, Ethereum, XRP and Crypto Price Pump

“Hearing the discussions, the SEC’s Trading and Markets engaged in discussions this week on 19b-4 spot bitcoin ETFs, informing them that they would like the ETFs to create cash (as opposed to in-kind) , and asked them to make amendments in the next few weeks,” Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, job to X (Twitter). “It’s not unexpected but it’s a good sign nonetheless.”

Cash or in-kind refers to the method of redeeming funds, with in-kind funds providing investors exiting the fund with a payment other than cash.

“On-the-spot update on the Bitcoin ETF saga,” another Bloomberg Intelligence ETF analyst, James Seyffart, commented on Balchunas’ post, adding that this doesn’t change the 90% probability prediction that a Bitcoin spot ETF will be approved this year. “Nothing revolutionary. Nothing changes. But it shows that progress is still being made and things are moving forward.”

However, Gabor Gurbacs, founder of rewards app PointsVille and advisor to investment manager VanEck, warned that the SEC’s bid for Bitcoin cash ETFs is a “sign that regulators don’t understand ( or are) unwilling to understand and accept the best aspects of ETFs. and Bitcoin. In-kind creations are simply much more effective. Anyone who manages an ETF knows this”, Gurbacs job to X.

Register now to CryptoCodex—A free daily newsletter for the crypto-curious

MORE FROM FORBESLegendary billionaire just turned to Bitcoin amid $300 billion Ethereum, XRP and crypto price boom

Balchunas’ post sent the price of bitcoin sharply higher, from $36,000 per bitcoin to nearly $37,000, as angry traders jumped on signs that the SEC may be close to approving the bitcoin spot ETF applications from Wall Street giants that manage a total of $17.7 trillion as a closely watched “window” closed.

The price of Bitcoin soared in June after BlackRock, the world’s largest asset manager managing around $10 trillion on behalf of clients, filed to create a Bitcoin spot ETF with Coinbase as depositary.

Follow me on Twitter.



Gn bussni

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button