Is Blackrock approving a spot BTC ETF?

Register Now Bitcoin briefly rallied 7% to $30,000 before retracing on an erroneous news headline of the SEC approving BlackRock's spot BTC ETF application. Price gains could be even larger when a real approval arrives, said one team of analysts, while another outfit suggested approval has been priced in.

Can a spot bitcoin ETF get SEC approval?

The journey towards SEC approval for a spot bitcoin ETF is moving in the right direction. Approval by the SEC is a meticulous process that considers various factors, including custody, market surveillance, liquidity, and the ETF's arbitrage mechanism. Public input is a critical component, allowing stakeholders to voice their concerns or support.

What happened to Bitcoin after BlackRock ETF approval?

On October 16th, based on news that the Blackrock ETF has been approved, bitcoin jumped briefly over $30,000; when the news had proven to be false, prices quickly retreated back down to previous levels.

What is the bitcoin ETF process?

The process can be summarized as follows. First the prospective ETF manager, known as the sponsor, files a plan with the SEC to create an ETF. This is where the bitcoin ETF process has been held up, as the SEC continuously rejects these proposals.