According to Fox Business, BlackRock has announced its anticipation of the U.S. Securities and Exchange Commission (SEC) approving a Bitcoin spot Exchange-Traded Fund (ETF) this coming Wednesday. If approved, this would be the first Bitcoin spot ETF to be traded in the U.S. securities market. Furthermore, it is reported that the SEC is likely to simultaneously approve other Bitcoin spot ETFs submitted by different asset managers.
Arthur Hayes, co-founder of BitMEX, stated that the approval of a Bitcoin spot ETF could temporarily boost Bitcoin’s price to as high as $70,000, but it might also trigger a 30% price drop subsequently.
