Bitcoin price has been surpassed for the first time since April 2022, reaching $44,000, and this rise appears to be due to increasing progress in negotiations between Wall Street giant BlackRock and the relevant regulators. These negotiations focus on approving the proposed Bitcoin spot exchange-traded fund, which is considered an important development for the cryptocurrency market. This fund is expected to contribute to increased recognition and institutional adoption of Bitcoin, which could ultimately increase its value.
There is widespread belief that the introduction of a Bitcoin exchange-traded fund (ETF) by BlackRock, the world’s largest asset manager, could serve as an important catalyst for a new bull trend in the cryptocurrency market. This ETF would provide institutional investors with a convenient way to gain exposure to one of the most prominent cryptocurrencies. Interestingly, this is in line with reports of a secret meeting held between BlackRock, NASDAQ and the US Securities and Exchange Commission (SEC) to discuss the potential introduction of Bitcoin ETFs.
Despite market participants’ optimistic expectation of early approval next year, the US Securities and Exchange Commission (SEC) has consistently rejected all applications for Bitcoin exchange-traded funds (ETFs) due to concerns about potential fraud. However, BlackRock, the world’s largest asset manager, has previously sought to offer a unique approach by offering investors the option to replace traditional baskets with bitcoin-only or “in-kind” holdings. A spot cryptocurrency ETF would enable investors to track the market price of the underlying cryptocurrency assets, providing exposure to the token without the need to purchase direct coins. Currently, Bitcoin has seen a 4% increase, reaching $44,150 per token, while Ethereum, the largest coin in the altcoin market, is trading at $2,250, reflecting a 2.7% increase. Binance Coin (BNB) showed a rise of 2.85%, reaching $258, and Solana Coin continues its upward trajectory, currently trading at $80.55.
