Major financial player BlackRock is making progress towards obtaining approval from the United States Securities and Exchange Commission (SEC) for its Spot Bitcoin ETF. BlackRock’s optimism has been boosted by its recent registration for an Ethereum Trust in Delaware. The approval, expected by January 2024, could make it the first Bitcoin exchange-traded fund in the US. The SEC has until November 17 to decide on 12 pending spot Bitcoin ETF applications, and analysts predict a 90% likelihood of approval before January 10, 2024. This approval could be a turning point for the cryptocurrency market. In addition, BlackRock is considering launching a Spot Ethereum ETF, which would be the first-ever exchange-traded fund for Bitcoin or Ethereum in the US. However, BlackRock has faced challenges, including protests by pro-Palestine activists. The approval of a Spot Bitcoin ETF is not guaranteed, but the positive sentiment has already impacted the market. The potential approval signifies a new era of accessibility for cryptocurrencies.
AI Sentiment: Positive