ARK Poised to Lead Bitcoin ETF Race: How Will it Affect BTC Price?
• Cathie Wood’s ARK Invest has filed a spot Bitcoin ETF and is currently leading in the SEC approval list.
• BlackRock recently filed a proposal for a spot Bitcoin ETF, which boosted market confidence.
• Analysts don’t anticipate a spot Bitcoin ETF becoming available to the public until at least next year.
Cathie Wood’s ARK Takes Leading Spot in Bitcoin ETF Race
Reports suggest that Cathie Wood’s ARK Investment Management has taken the lead in the race for SEC approval of a spot Bitcoin Exchange-Traded Fund (ETF). The application was filed by ARK Invest in collaboration with 21Shares, preceding BlackRock’s application and currently sits at the top of the list for SEC approval.
BlackRock’s Application Boosts Market Confidence
In mid-June, financial behemoth BlackRock filed a proposal for a spot Bitcoin ETF, effectively boosting market confidence. Several executives and experts have suggested that contrary to popular narratives, BlackRock may not be the first to launch a spot Bitcoin ETF in the US. Bloomberg’s Senior ETF Analyst Eric Balchunas tweeted: “What does BlackRock know?” Nate Geraci, co-founder of the ETF Store expressed similar sentiment on June 26th.
SEC Regulations Impede Launch Of Spot BTC ETF
Blackrock’s timing in filing their application has caught attention from industry analysts, leading some to speculate they might have insider information about forthcoming SEC regulations regarding BTC ETFs. Considering lack of progress since Winklevoss twins’ 2017 application, Wade Guenther; partner at Wilshire Phoenix told Cointelegraph it’s unlikely SEC will approve BTC spot ETF this year. Geraci previously predicted that we won’t see such an offering until 2023. These pessimistic views pressure world’s leading cryptocurrency dampening initial optimism sparked by Blackrock’s filing.
Bitcoin Price Prediction
Currently standing at $30 442 reflecting less than 0 50% drop on Wednesday; bitcoin continues to consolidate within defined trading range encountering resistance at upper boundary of $31 000 and support at lower boundary of $30 000. Upcoming developments surrounding potential launch of bitcoin exchange traded fund could potentially influence bitcoin price action significantly either way depending on outcome of regulatory decision making process by SEC or other global regulatory bodies launching such funds all over world including Canada Australia and Europe .
Conclusion
Cryptocurrency markets are maturing rapidly as institutional investors show increasing interest towards bitcoin and blockchain technology overall; potentially driving prices higher if success is achieved in launching widely accessible publicly traded funds tracking underlying crypto asset prices across globe . With more regulated players entering space more opportunities could arise allowing greater access to retail investors globally further bolstering appetite for cryptocurrencies as legitimate asset class .
