BITCOIN, ETF, SEC & BLACKROCK 🟠
2023-10-23

Its now obvious that the acceptance of a spot Bitcoin ETF is one of the eagerly anticipated catalysts for Bitcoin in the lead up to the upcoming Bitcoin halving. Asset managers like Fidelity have been waiting for the SEC's approval for their spot in the Bitcoin ETF for more than a year. The application submitted in June by BlackRock which is the largest asset manager in the world, to have its spot Bitcoin ETF approved, raised expectations that it would be successful and brought attention to the topic of spot Bitcoin ETFs.

Crypto asset manager Grayscale  scored a popular victory against the SEC in August, when the court ruled against the SEC's decision to outrightly reject Grayscale's application to convert the largest Bitcoin trust fund, GBTC, into a spot Bitcoin ETF. The SEC was given till midnight on October 13 to appeal the court order or review Grayscale's application

The applicants for spot ETFs have come a long way in resolving the SEC's concerns about such ETFs. A number of applicants such as Fidelity, BlackRock, and Invesco, have just submitted an updated prospectus that offers thorough details on important facets of their spot ETF product, such as the adoption of effective market surveillance mechanisms, improving the safety of assets under management, and utilizing GAAP-compliant reporting mechanisms.

BlackRock has amended its spot Bitcoin ETF application. By emphasizing its custody agreements with Coinbase, the risks associated with Bitcoin's volatility, and the intricacies surrounding Bitcoin's value, BlackRock responds to some of the SEC's concerns in this amended application. BlackRock stated that it will calculate fair value and create the trust's monthly financial statements in accordance with FASB ASC 820. Fidelity filed an updated ETF app five days ago

last Monday the misleading tweet from Cointelegraph claimed the approval of BlackRock's spot Bitcoin ETF immediately spread throughout the crypto community and caused a huge increase in Bitcoin's price, which peaked at 30k dollar. The market's response to this fake report shows how eager and anticipatory people and traders are to learn whether a spot Bitcoin ETF will eventually be approved. Since then, Cointelegraph has apologized for the false information after 100 million dollar manipulation! While this incident was an isolated case of misinformation,it highlights the potential impact that a genuine ETF approval could have.

since then bitcoin got the bullish sentiment and bulls ready to hit 31k and 32k $

