Tag: ETF

BlackRock’s Bitcoin ETF Approval Could Boost BTC Price to $42K-56K

Matrixport’s analysis suggests that if Tether’s (USDT) market cap increases by $24 billion, acting as a proxy for potential ETF inflows, Bitcoin’s price could rise to $42,000, representing a conservative estimate. A recent report from the crypto financial services platform Matrixport suggests that the approval of BlackRock’s Bitcoin Exchange Traded Fund (ETF) could propel the price of Bitcoin (BTC) to the range of $42,000 to $56,000. The Impact of BlackRock’s ETF Approval on BTC Price These projections are not just a result of speculation. Historically, the approval of traditional ETFs…

Grayscale files for new spot Bitcoin ETF on NYSE Arca

Major cryptocurrency investment firm Grayscale has filed a new application with the Securities and Exchange Commission (SEC) for a new spot Bitcoin (BTC) exchange-traded fund (ETF). Grayscale on Oct. 19 submitted an S-3 form registration statement with the SEC intending to list the shares of Grayscale Bitcoin Trust on the New York Stock Exchange (NYSE) Arca under the ticker symbol GBTC. The new filing comes in line with Grayscale’s ongoing effort to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF, according to a statement by Grayscale.  “We remain…

SEC Chair Says He’s Still Weighing Bitcoin ETF Proposals

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The SEC chair said that the Commission has a lot of applications to review for spot Bitcoin ETFs. Mike Novogratz expects a spot Bitcoin ETF coming by the year end. There’s a lot happening around the approval of the spot Bitcoin ETF in the market with the SEC losing the edge over the applicants. During his interview with Bloomberg on Wednesday, October 18, Gary Gensler stated that they have multiple filings to review as of now. Furthermore, the Commission is reviewing the right exchange-traded products for Bitcoin. “Those filings are…

SEC may refuse Grayscale’s Bitcoin ETF despite court win

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Despite Grayscale Investments securing a legal victory against the U.S. SEC over its Bitcoin spot ETF application, it’s still uncertain whether the SEC will convert the Grayscale Bitcoin Trust. Grayscale Investments won its lawsuit against the U.S. Securities and Exchange Commission (SEC) regarding its Bitcoin spot exchange-traded fund (ETF) application. However, the court is unlikely to demand the SEC to convert Grayscale Bitcoin Trust (GBTC). Gensler just now asked by @kaileyleinz about the Grayscale lawsuit and again pivots to “We have 8-10 filings from issuers.. there is a process.. and…

QCP Capital does not anticipate any Bitcoin ETF approval in Q4 2023

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QCP Capital’s Q4 2023 forecast warns of volatility in Bitcoin and equities, citing macro factors and geopolitical tensions as key drivers while dismissing hopes for ETF approval.  Singapore-based QCP Capital has issued a Q4 2023 forecast underscoring the uncertain landscape for Bitcoin (BTC) and equities. The firm indicated that Bitcoin’s price is currently driven by anticipation of a BTC spot ETF approval by the SEC. However, QCP Capital does not expect any approval to happen this year, leaving Bitcoin’s price at the mercy of macroeconomic conditions. The firm is bearish…

Unraveling the full consequences of the fake Bitcoin ETF approval: analyst

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Bitcoin’s (BTC) price recently surged following fake news about a BTC ETF approval, according to one analyst this is an event with unexpectedly far-reaching consequences. In his video on Oct. 18th, popular crypto YouTuber Crypto Banter provided an in-depth analysis of how this fake news impacted the crypto market and what lessons can be learned. The fake tweet, which was posted and quickly deleted by crypto publication Cointelegraph, led to a spike in Bitcoin buying and liquidated many short positions. While the publication blamed the tweet on an intern posting…

Bitcoin Nearly Hits $29K Following Fidelity Amendment of Spot Bitcoin ETF Proposal

Bitcoin is enjoying price spikes and increased trading volumes as Fidelity and others amend proposals while the market awaits an approval. The price of Bitcoin (BTC) hit $28,817 today in response to amendments to spot Bitcoin ETF applications submitted to the United States Securities and Exchange Commission (SEC). However, as of this writing, Bitcoin has fallen to $28,379 according to data from CoinMarketCap, a 4.3% increase over the last 7 days. The initial increase put Bitcoin at a new two-month record and a 7% weekly gain. Fidelity Amended its spot…

Mike Novogratz thinks the SEC will approve a bitcoin ETF as early as this year

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The crypto market has effectively been on pause – aside from a quick and short-lived spike this week – as investors wait for the SEC to give the green light to a bitcoin ETF. Mike Novogratz says that could come as soon as this year. The CEO of Galaxy Investment Partners, which has its own application for a spot bitcoin ETF in partnership with Invesco in the SEC’s queue, told CNBC Wednesday that the tone has shifted and things are looking up for crypto investors. “It’s going to get approved,…