BTC fervour hits fever pitch ahead of BlackRock earnings as SEC approves Bitcoin ETF

Yesterday, SEC chair Gary Gensler announced the approval of “several” Bitcoin spot exchange-traded funds, specifically naming the Grayscale Bitcoin Trust and intimating that all the applications which were previously rejected by the SEC (most notably BlackRock’s application) have been approved at the same time.

Staff is separately completing the review of registration statements for ten spot bitcoin ETPs simultaneously, which will help to create a level playing field for issuers and promote fairness and competition”

The names of those ETPs were not stated.

Read more: Experts react to Bitcoin spot ETF approval

BTC price reaches $47,000

The Bitcoin price has understandably taken off in the past 24 hours, rising to $47,000 – surpassing even the $45,000 resistance level it broke through earlier this month, to the delight of BTC supporters.

This level was the first time Bitcoin has reached this high in almost a year, when it broke through to $47,722.72 on March 30th in 2023.

It also represented a gain of almost ten percent in a matter of a few hours.

Following the news, the Bitcoin price had a brief ‘sell the news’ dip, dropping to around the $45,703 mark before rallying to above $46,000 less than an hour later.

BlackRock in the spotlight

Notably, the release did not mention a BlackRock – one of the applicants filing at the same time as Grayscale, and also the largest asset manager in the world.

However, BlackRock took to X shortly after the SEC announcement, posting that BlackRock’s “iShares Bitcoin trust $IBIT clears final hurdle from the SEC”.

Spot ETF Ethereum rumours

Gensler, who is a longtime critic of cryptocurrencies, said of the approval that:

It should in no way signal the Commission’s willingness to approve listing standards for crypto asset securities. Nor does the approval signal anything about the Commission’s views as to the status of other crypto assets”

This may be in response to the rumours beginning to circulate that the SEC will soon look to approve a spot Ethereum ETP next.

Read more: What the SEC Bitcoin approval means for Coinbase stock

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