Increased likelihood of ETF approval boosts crypto market☕
In the cryptocurrency space, after last week’s false news about the approval of the BlackRock ETF, prices finally showed a rise, and with a corresponding increase in volatility, traders seemed increasingly confident that the SEC would approve BTC spot trading, And no longer doubt. Additionally, looking at the latest BlackRock iShares S-1 amendment filing, they have obtained a CUSIP (Registration Identifier for Securities Settlement) which is an important preparatory step towards the upcoming launch, along with plans to create one in October 2023 "Seed creation basket" (similar to initial project liquidity in AMM pool).
Media analysts' predictions have also significantly increased the likelihood of successful ETF approval, as it has been reported that the SEC has responded to the application and is no longer 'ignoring and delaying' as before. In addition, the U.S. Federal Court of Appeals effectively ended the SEC's dispute with Grayscale in its final ruling yesterday (the SEC did not appeal), which unilaterally shifts pressure on the agency to move forward with the next step in the ETF's approval. A major legal victory for the crypto industry.
