Bitcoin has crossed the $40,000 mark. This happened after BlackRock employees met with SEC officials. The organization decided to address the regulator now, as the chances of approving applications for ETF-funds began to grow. In addition, analysts also noted the rapid development of the new cryptocurrency Bitcoin ETF.
At the moment, investors are intensively investing in the promising asset, which was created to support spot ETF funds for bitcoin. In total, the project has already attracted more than $2.4 million, and its value is $0.0062. In total, the developers have planned to conduct 10 stages of presale, in the final stage of which the token will rise in price to $0.0068.
It should also be noted that the news about the approval of BlackRock’s spot funds for BTC and XRP, although it turned out to be a fake, but nevertheless pushed the bulls to active actions.
The meeting between representatives of BlackRock and the U.S. Securities and Exchange Commission also affected the state of the crypto market. As already mentioned, thanks to it, bitcoin began to grow in value last week and reached the $38,000 mark. Also the development of digital gold was influenced by a new statement from Hester Pearce. The SEC commissioner said that she sees no reason to prevent the opening of spot ETF-funds for BTC.
As many analysts note, such a development could usher in a new era in the cryptocurrency market. Experts predict that trading for retail and institutional investors will become more accessible and safer, especially against the backdrop of the successfully closed litigation between the U.S. Department of Justice (DOJ) and Binance. It was previously reported that the CEO of one of the largest exchanges, Changpeng Zhao, was accused of violating US anti-money laundering laws. The entrepreneur was forced to leave his post in the company and pay a fine of $4.3 billion.
New Bitcoin ETF token breaks pre-sale records thanks to hype around spot funds
The potential launch of ETF funds for the major cryptocurrency is one of the most talked about topics in the industry. At this point, the number of applications filed has exceeded 12, indicating the increased interest of large companies in such a phenomenon. However, not only these organizations will be able to generate income on the background of the hype. Ordinary investors are now actively buying Bitcoin ETF tokens and are also waiting for the opening of ETF funds for BTC.
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The fact is that the Bitcoin ETF (BTCETF) was designed specifically for those market participants who want to receive payments immediately, without waiting for the launch of bitcoin ETFs.
The project operates on the Ethereum blockchain and is closely tied to each stage of development of the spot funds themselves. For example, the moment the SEC approves the first bitcoin-ETF, the developers will reduce the sales tax from 4% to 3%. At the same time, the creators plan to carry out the destruction of about 105 million coins.
When the asset appears on decentralized exchanges (DEX), the burn tax will also begin to decrease (by about 1% as each new stage of bitcoin-ETF development occurs). In total, developers plan to destroy up to 25% of the total number of coins to create a supply shortage. It is also reported that the transaction tax will be reduced by 1% when certain stages of the roadmap are reached.
The list of events that the Bitcoin ETF (BTCETF) is targeting is listed on the Bitcoin ETF website.
Thanks to this approach, BTCETF token holders will have the opportunity to create a crypto portfolio that will be closely correlated with the pace of Bitcoin ETF development. It should also be taken into account that the recent events on the market have not reduced the optimism of its participants in any way. On the contrary, after the situation with Binance, it became clear that U.S. regulators will no longer be lenient towards those exchanges that operate in circumvention of the current legislation.
Cryptocurrency trading will now be able to become simpler and safer. The U.S. Department of Justice has made it clear that platforms should go through the registration process and meet all the stated requirements. Otherwise, exchanges will be forced out of the market.
As experts reported, control over cryptocurrencies will provide a number of new opportunities for participants in the segment. For example, once ETFs are approved, private asset managers and financial advisors will be able to buy bitcoin on behalf of their clients.
Bitcoin-ETF spot funds can attract up to $100 bln
This is the opinion of experts from Bloomberg Intelligence. According to statistics, most of the transactions in the U.S. territory are carried out by financial advisors on behalf of their clients. Based on these data, it can be concluded that in the foreseeable future bitcoin-ETFs on the market will be valued at about $100 billion.
Also employees of Bloomberg agency told: at the moment, more and more clients in the market are interested in opening bitcoin-ETF funds and their potential profitability. For example, Jeff Jenson of Summit Wealth in Florida said that SEC approval will increase the level of institutional interest. In the same interview with Bloomberg, the expert noted that the resolution of this issue will give traders access to the resources of large companies that will sell stakes in bitcoin-ETFs.
Meanwhile, the Galaxy Digital organization also reported that it has received inquiries from more than 300 investment professionals. All of them have expressed interest in how bitcoin spot funds will be able to help allocate funds.
Essex Financial Services CEO Chuck Cumello also spoke in favor of launching a bitcoin-ETF. According to the specialist, the appearance of such funds will simplify not only the process of trading in cryptocurrencies, but also their regulation.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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