The coming week could be one of the most important weeks for Bitcoin (BTC) and the rest of the crypto market. The first American Bitcoin exchange funds are expected to be approved. The world's largest asset manager BlackRock tells FOX Business what day they expect these approvals.
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BlackRock expects approval of the Bitcoin exchange fund on this day
BlackRock is the world's largest asset manager. Assets under management are a whopping nearly $9 trillion. The asset manager is one of the parties in the race to approve a Bitcoin spot exchange fund.
BlackRock told FOX Business it would receive approval on Wednesday. The Securities and Exchange Commission (SEC), the regulator that must evaluate the applications, is expected to approve multiple applications at once.
Wednesday is Jan. 10, which for some filings would be the last day before the SEC's final deadline of Jan. 11.
The launch of American Bitcoin spot exchange funds is a big topic in crypto news. These funds are expected to open the doors to billions of dollars in fresh capital. This could have a positive impact on the Bitcoin price because these funds have to actually purchase the Bitcoins.
BlackRock in the news
Notably, BlackRock was also in the news today, but for a less positive reason. The company is facing a major wave of layoffs. The step is not necessarily anything special for the company itself.
On Friday, BlackRock and the other filers filed their updated Forms 19b-4 with the SEC. According to experts, this is a sign that the process is at an advanced stage. According to Eric Balchunas, a Bloomberg analyst, the likelihood of disapproval on this news has dropped from 10% to 5%.
“Well said, although I'd say there's still a 5% chance. You always have to keep a small possibility open that something like that could happen.”
Well said, although I'll probably assume 5% at this point. But you have to leave a small window open for these things.
— Eric Balchunas (@EricBalchunas) January 6, 2024
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