Bitcoin trade price showed a significant increment as the giant fund manager & Nasdaq exchange did some work related to Bitcoin spot ETF application ahead of the launch of next year.
BlackRock is the top fund manager in the world. In mid of this year, this fund manager filed for a Bitcoin spot ETF called iShare Bitcoin Trust (IBT) with the United States Securities and Exchange Commission (SEC). Currently, a dozen fund managers have similiar application with the SEC to get approval to launch a Bitcoin spot ETF product.
On 20 Dec 2023, Official reports confirmed that representatives from firms like BlackRock and Nasdaq Exchange officially did a meeting with the US SEC body to discuss terms for the list of Bitcoin spot ETF products.
The published memo regarding this meeting clearly showed that the meeting was mainly focussed on the ETF listing terms to ensure that ETF operates safely and fairly without any involvement of suspicious activities like manipulation of the trade price.
Just a couple of days ago, BlackRock updated its Bitcoin spot ETF application in order to update the cash redemption option to comply with the SEC’s preferred demand.
Following the hype in the world regarding Bitcoin spot ETF applications, Michael Saylor, a popular Bitcoin proponent & former CEO of Bitcoin bull firm Microstrategy, shared his opinion and said that financial products for Bitcoin are a very good thing because it will allow institutional investors to easily invest in real Bitcoins.
According to Saylor, all Bitcoin spot ETF products will help to inject a huge amount of money into the Bitcoin market and further, will help Bitcoin to show a big rally in 2024.
Bitcoin price action
Following the reports related to BlackRock & Nasdaq meeting with the SEC body acted as a catalyst for the Bitcoin trade price.
After one week, the Bitcoin trade price hits $44,000. According to some crypto analysts, Bitcoin is now again ready to show a 10-15% rally in the next 5-6 days.
Read also: Institutional investors are now more bullish on Solana over ETH & BTC
Bitcoin tests $44k, as BlackRock & Nasdaq hold meeting with SEC
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