In this week’s crypto round-up, we spotlight significant progress made by Grayscale and BlackRock in their Bitcoin (BTC) exchange-traded fund (ETF) offerings. BlackRock’s iShares Bitcoin Trust, according to Bloomberg analyst Erin Balchusas, is inching closer to launching its Bitcoin ETF.
Meanwhile, Grayscale’s Bitcoin ETF proposal is set for review, as mandated by the US Court of Appeals. The court’s decision follows its earlier support of Grayscale’s claim that the SEC’s initial rejection of its application constituted “unfair discrimination.”
Spot Bitcoin ETF Approval Hopes Lift Market
The Securities and Exchange Commission’s (SEC) Hester Pierce acknowledged the agency’s inefficiency in handling crypto-related decisions.
“I really can’t speak to what we’re going to do on the Bitcoin exchange-traded products… I hope that they’ll wake up, and they’ll think… we need to take a more productive approach,” she said.
All this speculation has only served to stoke a market that has been decidedly flat for the past few months. And the Bitcoin price breached $35,000 by midweek.
Analysts attribute this rally to several bullish signals, including the narrowing GBTC discount, now standing at -11%. BlackRock CEO Larry Fink sees this as a testament to the growing consensus of a spot Bitcoin ETF approval by Q1 2024.
Michael Dunn of Bitnomial Exchange also highlighted the decoupling of Bitcoin from altcoins, especially with the market’s anticipation of a spot ETF approval.
This Week in Crypto Top 10
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Author: BeInCrypto Team
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