In a presentation shown at the meeting, BlackRock, like ARK Invest, leaned toward a Bitcoin exchange-traded fund (ETF) that uses in-kind creations and redemptions, which goes against the reported recommendations of the commission to BTC ETF applicants.
The latest edition of the Bitfinex Alpha report warned about "signs of waning momentum," which, based on history, is usually associated with market declines and selling pressure from short-term holders taking profit.
ETF analysts believe that the latest update on spot Bitcoin ETF prospectus is a positive move that means the firm and the SEC are actively communicating.
While rumors of an imminent SEC approval on the spot Bitcoin ETF filings spread like wildfire online and triggered bullish sentiment, particularly on BTC, it looks like the financial regulator is not yet ready to allow a crypto vehicle to be available this year.
Bitcoin surged to an 18-month high last week when it traded above the $37,000 price level as industry analysts revealed that the commission has an eight-day window to approve all spot BTC ETF applications.
During an interview, the ARK Invest founder said, "There's speculation that he's interested in the Treasury Secretary position at some point. What does the Treasury Secretary do? Very focused on the dollar."
The crypto market was surprised earlier this week when a regulatory filing surfaced online showing that BlackRockis pursuing an XRP exchange-traded fund (ETF).
It is considered the largest amount of liquidated longs in just 24 hours since Aug. 17, when Bitcoin nosedived from the $28,000 threshold to around $25,000 in just a matter of minutes.
A crypto analyst believes that the recent dip in BTC's price creates an entry point for altcoins.
BlackRock said stablecoins' volatility has "apparently impacted" the value of Bitcoin and given that it is a "relatively new phenomenon," it is "impossible to know all of the risks" they could pose to players in the Bitcoin market.
Currently, the market sentiment is "cautiously optimistic" but industry watchers think that SEC's non-decision on spot Bitcoin ETF could stir market boredom.
The crypto market, particularly Bitcoin, is poised for a bull run in the coming weeks or months, with spot Bitcoin ETF applications and the Bitcoin Halving event on the table.
The number of wallet addresses holding more than $1 million in BTC surged during the previous bull market in November 2021.
MicroStrategy purchased a total of 6,067 BTC for $167 million in Q3 2023, which means it spent $4.69 billion or 29,5686 per BTC.
A brief examination of Binance's 38DN2 wallet at 11:53 a.m. ET on Thursday revealed that it had already been emptied, as the billion-dollar transfer had taken place approximately seven hours earlier.
The latest development highlights one of the highest volumes observed in the entire year.
Grayscale Chief Legal Officer Craig Salm has also said financial giants like BlackRock and Fidelity are making progress with their spot Bitcoin ETF applications.
While the SEC has remained mum about the development surrounding the spot Bitcoin ETF applications, Bloomberg Intelligence analysts maintained their previous prediction that there is a 90% chance that the filings will be approved by Jan. 10, 2024.
The recent upsurge in the price of Shiba Inu came following a series of initiatives launched by the Shiba Inu development team.
ETF analysts think the odds for Bitcoin ETF approvals by the end of 2023 is 75%. They said the SEC might approve multiple filings at once.
The Bitcoin value surge has ended the crypto market's long winter, with predominantly inactive long-term holders signaling a bullish sentiment.
The recent shift in Bitcoin dominance suggests that new investors are entering the market, as it follows a long period of market downtrend.
