Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,48 trillion. Bitcoin increased by nearly 5% to reach around $40,000. Ethereum is up by almost 4% to cement its price above $2,100. XRP lost almost 1% in value this week. Almost all altcoins are trading in the green, with some exceptions. The DeFi sector increased the total value of protocols (TVL) to around…
SEC Formally Accepts BlackRock Spot Bitcoin ETF Application for Review
The Securities and Exchange Commission (SEC) has formally accepted BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF) for review. The move is a significant step forward for the potential launch of the country’s first spot Bitcoin ETF, and it comes after the SEC has rejected dozens of similar applications in recent years.
BlackRock is the world’s largest asset manager, with over $10 trillion in assets under management. Its application for a spot Bitcoin ETF is seen as a major endorsement of the cryptocurrency by a mainstream financial institution.
The SEC’s decision to accept BlackRock’s application for review does not mean the ETF will be approved. The agency will begin a 21-day public comment period, during which investors and other interested parties can submit their views on the proposal.
The SEC has previously rejected spot Bitcoin ETF applications because the underlying market is too volatile and prone to manipulation. However, the recent surge in institutional investment in Bitcoin may have allayed some of the SEC’s concerns.
If the SEC does approve BlackRock’s application, it would be a major milestone for the cryptocurrency industry. It would make it easier for investors to gain exposure to Bitcoin, and it could help to legitimize the cryptocurrency in the eyes of mainstream investors.
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The SEC is expected to decide on BlackRock’s application by the end of the year.
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