Bitcoin ETF Approval Nears, BlackRock Expects Green Light
The anticipation for the approval of a spot Bitcoin ETF has reached a new level, as the United States Securities and Exchange Commission (SEC) intensifies its communication with applicants and associated exchanges. Despite a major market downturn following a bearish report from Matrixport, the ecosystem has now regained its calmness with new capital flowing in.
ETF analyst Eric Balchunas from Bloomberg believes that the chances of the SEC rejecting the spot Bitcoin ETF application are low, at just 5%. The applicants have done their due diligence by providing updates and agreeing to the Cash Creates redemption model specified by the market regulator.
A meeting that took place on January 3 between the SEC and Nasdaq Composite, New York Stock Exchange (NYSE), and Chicago Board of Mercantile Exchange (CBOE) has also increased optimism for the product’s approval.
While there are skeptics, such as Better Markets, who urge the SEC to disapprove the spot Bitcoin ETF products, recent reports suggest that BlackRock, a global investment management firm, expects the product to be approved as early as Wednesday, January 10.
In a surprising turn of events, CNBC’s Mad Money Host Jim Cramer, known for his criticism of Bitcoin and altcoins, labeled Bitcoin a technological marvel that is here to stay. This acknowledgment, however, led to a decline in the digital currency ecosystem, with many attributing the slump to Cramer’s endorsement of Bitcoin based on historical trend observations. Nevertheless, Cramer’s positive sentiment towards Bitcoin indicates that the market is slowly maturing, as even top critics become more accepting of cryptocurrencies.
OpenAI, an artificial intelligence research laboratory, has made headlines this week for various reasons. This includes adjusting its terms of service to mitigate any regulatory consequences in the European Union (EU), as well as the upcoming launch of the ChatGPT store aimed at empowering developers. After a delay caused by leadership changes at the end of last year, the customizable ChatGPT store is set to be launched in the coming week.
Overall, the Bitcoin ETF approval is eagerly anticipated, with BlackRock and others expecting a green light. The digital currency ecosystem has experienced some turbulence but remains resilient with new capital entering the market. The industry continues to evolve, with even prominent critics like Jim Cramer acknowledging the potential of Bitcoin. OpenAI’s developments in artificial intelligence also contribute to the growth and innovation within the sector.
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