After the announcement that shattered the morale of cryptocurrency investors, BTC lingers around the $45,000 region. The SEC’s official Twitter account was hacked about 16 hours ago, leading to massive liquidations. However, today is truly the last day and the SEC will now announce its decision officially.
When Will the Bitcoin ETF Be Announced?
Bloomberg’s famous ETF expert Eric Balchunas said that the approval for a spot Bitcoin ETF could come between 00:00 and 02:00 Turkey time. At the time of writing, it is 07:41 in Washington DC and the decision is expected between 16:00 and 18:00 US time.
While everyone is focused on the approval time, BlackRock has updated its filing to lower management fees. The competition here is heating up. In fact, all spot BTC ETFs are doing the same thing, and to stand out in the competition, companies need to make moves such as advertising, marketing, and reducing fees.
The biggest player in the ETF market is BlackRock, which appeals to a massive number of investors. This means that if they request a reasonable fee, people are likely to prefer them first. Spot Bitcoin ETF issuers who demand even lower fees than gold ETF management fees believe that billions of dollars in liquidity will flow to them.
Current Status of Bitcoin and Altcoins
Following the fake announcement 16 hours ago, the BTC price dropped from about $48,000 to $44,748. We had mentioned days ago that this week would be particularly devastating for altcoins. With this trend being adopted, profit-taking had already started by Sunday. However, the latest fluctuation also triggered panic sales.
In the coming hours, even if the SEC approves the ETF, the best-case scenario is that interest will continue to concentrate on BTC, and until the king cryptocurrency finds support at higher levels and consolidates, altcoins may melt away.
Investors need to approach support zones in altcoins cautiously and be prepared for two-way liquidity hunting movements in futures trading. If the ETF approval comes through, tomorrow will be the first trading day, and if volumes are strong as expected, we should see a continuation of the rise in BTC price.
