Blog

Investment supervisor Blackrock and Wall Street big JPMorgan Chase & Co have reportedly requested their workers to be ready for an imminent spot Bitcoin ETF approval from the U.S. Securities and Exchange Commission (SEC). Blackrock had earlier named JPMorgan because the lead approved participant (AP) in its latest ETF submitting.

Also Read: Crypto Transactions Over $10,000 Face Stricter IRS Scrutiny Under New US Rules

Blackrock, JPMorgan & Bitcoin ETF Dominance

When Blackrock selected JPMorgan as its approved participant, the crypto group called out the ‘irony’ recalling that the Wall Street financial institution’s chief government officer Jamie Dimon demanded that Bitcoin utilization be banned within the United States. John Deaton, the lawyer representing XRP token holders within the Ripple lawsuit in opposition to the SEC, reiterated his earlier stance that the likes of Blackrock wished to realize a share of the crypto market earlier than the SEC opens the doorways to regulatory steering, all whereas folks like Dimon criticized the crypto house.

Meanwhile, it stays to be seen if Blackrock would be capable to compete in opposition to crypto centered gamers like Grayscale in its pursuit to copy its dominance within the Bitcoin ETF house. The funding supervisor handles property price round $9 trillion for purchasers internationally.

BTC Price Target

Meanwhile, the Bitcoin (BTC) Price is displaying intense bearish indicators in the intervening time following an unconfirmed report that the US SEC could reject spot Bitcoin ETF purposes in opposition to normal expectations. The digital forex has slumped by 7% over the previous 24 hours to $42,5000, stirring greater than $655 million in crypto liquidations.

It stays to be seen if the BTC worth will contact the psychologically essential milestone of $50,000 forward of the anticipated spot Bitcoin ETF approval window between January 8-10, 2024.

Also Read: Bitcoin ETF: How Will BlackRock Balance Fees with Market Dominance?

✓ Share:

Anvesh stories main crypto updates round U.S. regulation and market transferring developments. Published over 1,200 articles to date on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

The offered content material could embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability in your private monetary loss.