Bitcoin (BTC) and the overall cryptocurrency market received an exciting news today as Grayscale’s application for BTC ETF was approved by the court. As the news continues, the payment move made by Twitter creates excitement, and the latest development comes from Bloomberg.
According to Bloomberg Intelligence analysts, the eagerly awaited Bitcoin-based spot ETF could be officially approved this week. Experts are expecting the good news before the official holiday on September 4th, leaving only this week.
SEC is Approaching the Decision on BTC ETF
Bloomberg analysts reported that the SEC is obligated to respond to ETF applications from many companies such as BlackRock, Bitwise, WisdomTree, VanEck, and Invesco. The institution has the option to accept, reject, or delay responding to some applications. Especially after the news from Grayscale, the SEC may have to give positive responses to some strong candidates.
Famous analyst Roxanna Islam emphasized that delays and postponements could be seen for some applicants. The experienced expert reminded that ARK’s spot BTC ETF application also had the same fate. Islam stated that the SEC could make decisions based on the Grayscale case, and the decision officially resulted against the SEC. Now, it is interpreted that the only option left for the SEC this week is to approve any ETF.
BlackRock appears to be the strongest candidate in this regard. BlackRock, the world’s largest asset management company, has had many approvals in the past, but 576 ETF applications were rejected by the SEC. Nevertheless, recent developments and the BlackRock effect actually mean a lot.
BTC Targeting $30,000
As of now, the BTC price has touched $28,000 and continues to rise. In addition to the Grayscale news, another ETF news in the future can bring the much-needed volume and instantly push the price to the $30,000 level. This also means a new bull market for altcoins and creates excitement.
