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Bitcoin is Taking Off, fueled by Imminent Approval of BitcoinETFs!
Bitcoin has gained sufficient momentum to reach the $45,000 price today. There is nothing stopping Bitcoin from breaking new records and shoot to the moon!
There is an incredible optimism taking over the entire Crypto sector, as Wall Street’s biggest investment houses — BlackRock, Fidelity, Vanguard, ARK Invest, and others — await the imminent approval of their BitcoinETFs.
According to industry analyst, James Seyffart:
BlackRock was reported to have amended its BitcoinETF during the past 24 hours to accommodate regulator (SEC) last limit concerns regarding custody and security of the Bitcoin assets.
According to an article by CCN:
BlackRock is continuing to move ahead with plans for its proposed spot Bitcoin exchange-traded fund (ETF). The asset management giant filed an amended Form S-1 with the SEC on Monday, December 4, 2023, its second such amendment as it seeks regulatory approval for the new investment vehicle.
While the Securities and Exchange Commission has yet to approve a spot Bitcoin ETF in the U.S., optimism is growing that 2023 could finally be the year. BlackRock’s latest filing provides new details about the structure and operations of its proposed “iShares Bitcoin Trust.”
The fund aims to give investors exposure to Bitcoin’s price movements by holding the cryptocurrency directly, unlike Bitcoin futures ETFs already trading. It has named service providers like crypto exchange Coinbase as custodian and prime broker.
The filing explains that customer Bitcoins will be custodied in a combination of “omnibus cold wallets” and “omnibus hot wallets” by the ETF’s designated custodian and prime broker, Coinbase. The custodian keeps the majority of assets offline in cold storage for security.
Bitcoin Price Action
Bitcoin is up over 4.5% during the past 24 hours and trading between $41,700–$44,000 range. In fact…
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