Investment supervisor Blackrock and Wall Street big JPMorgan Chase & Co have reportedly requested their staff 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 licensed 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 licensed 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 needed to realize a share of the crypto market earlier than the SEC opens the doorways to regulatory steering, all whereas individuals like Dimon criticized the crypto house.
Meanwhile, it stays to be seen if Blackrock would have the ability 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 the world over.
BTC Price Target
Meanwhile, the Bitcoin (BTC) Price is exhibiting intense bearish indicators in the mean time following an unconfirmed report that the US SEC could reject spot Bitcoin ETF functions in opposition to common 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?
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