Bitcoin Rebounds as Blackrock Files for Bitcoin ETF with SEC
Summary: After a rough couple of weeks, the crypto market has begun to climb upward, with Bitcoin's value going over $26,000. Blackrock has filed the necessary paperwork to create a spot Bitcoin ETF, which will further boost BTC growth if approved by SEC.
The crypto market has started to move higher again after a tough couple of weeks. Bitcoin’s value fell below $25,000 after the Federal Reserve’s interest rate decision. Although a delay in rate hikes was positive news for risk assets like BTC, Fed Chair Jerome Powell’s comments triggered the sell-off.
Interest Rate Haunting Crypto Market
The hiatus in interest rate increases are expected to be temporary in light of Powell’s hawkish statements. But traders seemed certain that rate hikes would soon slow. But the Fed is still committed to achieving its 2% inflation target.
Bitcoin Rebounds Above $26k
After Bitcoin’s price dropped after the Fed announcement. It found support at $24,700 and is now up 3.80% in the previous 24 hours, reaching $26,300 at the time of writing.
Moreover, the recent increase in BTC prices may be attributed to a number of factors, including severe oversold conditions. Perhaps most crucial, however, is the news that Blackrock has submitted paperwork to establish a spot Bitcoin ETF.
On Thursday, the biggest asset management in the world, Blackrock, completed the first step toward acquiring one of the most coveted crypto regulatory licences. The company has filed the necessary papers with the SEC to begin marketing iShares Bitcoin Trust.
All Eyes on SEC
If the ETF is given the go light. It will provide institutional investors access to the crypto market via a product provided by a major Wall Street financial services provider.
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A spot bitcoin ETF has not yet been approved for distribution in the United States by the Securities and Exchange Commission. It’s in the middle of a legal struggle with Grayscale. Over the latter’s efforts to turn the Grayscale Bitcoin Trust into an ETF. It is anticipated that this conflict will be resolved before the end of the year.