This coming week could be one of the most important weeks for bitcoin (BTC) and the rest of the crypto market. It is expected that the first American bitcoin stock exchange funds will be approved. The world’s largest asset manager BlackRock tells FOX Business on what day they expect these approvals.
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BlackRock expects approval of the bitcoin exchange fund on this day
BlackRock is the world’s largest asset manager. It has a whopping nearly $9 trillion in assets under management. The asset manager is one of the parties in the race for approval for a bitcoin spot exchange fund.
BlackRock informed FOX Business Wednesday to get approval. It is expected that the Securities and Exchange Commission (SEC), the regulator that must make its assessment of the applications, will approve multiple applications at the same time.
Wednesday is Jan. 10, which would be the last day before the SEC’s final Jan. 11 deadline for some applications.
The arrival of American bitcoin spot exchange funds is a big topic in crypto news. The expectation is that these funds will open the doors to billions of dollars in fresh capital. This could have a positive effect on the bitcoin price as these types of funds actually have to purchase the bitcoins.
BlackRock in the news
Remarkably, BlackRock was also in the news today, but for a less positive reason. The company is facing a major round of layoffs. The company itself does not necessarily consider the step as something special.
On Friday, BlackRock and the other filers filed their updated 19b-4 forms with the SEC. According to experts, this is a sign that the process is at an advanced stage. According to Eric Balchunas, a Bloomberg analyst, the chance of disapproval due to this news has decreased from 10% to 5%.
“Well said, although I would say there is still a 5% chance. You always have to keep a small possibility open that this kind of thing could happen.”
Well said although I probably go with 5% at this point. But you gotta leave a little window open for these things.
— Eric Balchunas (@EricBalchunas) January 6, 2024
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2024-01-07 17:06:16
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