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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

BlackRock Inches Closer To Launching Bitcoin ETF: Potential Impact On BTC Price

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Bitcoin (BTC)

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Financial circles are buzzing with the news that BlackRock, the world’s largest asset manager, is considering applying for a Bitcoin Exchange Traded Fund (ETF). This development signifies a substantial move by one of the most influential financial institutions into the world of cryptocurrencies.

The anticipation is growing amid revelations that BlackRock plans to use Coinbase Custody for the ETF, alongside the crypto exchange’s spot market data for pricing. This alliance represents a significant step in legitimizing cryptocurrencies in traditional finance.

Notably, Bitcoin (BTC) and Coinbase (COIN) have not reacted to the news but have only continued to dwell in red, with both assets down 3.9% and 2.81%, respectively, in the past 24 hours.

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1 year ago

BlackRock’s Foray Into Crypto

The move marks a continuation of the collaboration that started last year when BlackRock partnered with Coinbase to offer crypto directly to institutional investors.

As of yet, the specifics about the nature of the ETF – whether it will be spot or futures – remain undisclosed. Notably, The Securities and Exchange Commission (SEC), responsible for regulating ETFs in the U.S., has previously turned down every application for a spot Bitcoin ETF.

However, several Bitcoin futures ETFs have gained the regulatory body’s approval for trading, indicating a gradually warming stance towards cryptocurrencies.

Potential Impact On Bitcoin Price

The news of BlackRock’s potential Bitcoin ETF could significantly affect BTC’s price. Creating such an ETF would allow a broader spectrum of investors to gain exposure to Bitcoin, possibly driving up demand and its price.

ETFs make it easy for institutional investors to gain exposure to Bitcoin, opening up a substantial new demand avenue. Analyst crypto Daan Crypto reported that Bitcoin had recorded a strong spot bid on Binance in the past few hours – a move that has not been seen for the past few days.

According to the trader, Bitcoin’s local bottom is more likely in if the asset continues to the downside in the coming days. At the time of writing, BTC currently trades at $24,977, down by nearly 4%. Its trading volume has also spiked over the past 7 days indicating massive trading activity.

Bitcoin (BTC)’s price chart on TradingView
Bitcoin (BTC)’s price moving closer to the marked support (order block) on the 4-hour chart. Source: BTC/USD on TradingView.com

Notably, from a technical perspective, BTC could still be prone to a continuous downtrend, given that the asset hasn’t hit major support, which can be found in the order block at $24,500.

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Bitcoin Price On Shaky Ground: Market Analysts Warn Of Potential Fall To $20,000 Level

1 year ago

Furthermore, the association with BlackRock, a globally recognized asset management name, could lend credibility and legitimacy to Bitcoin. This increased trust could lead to greater adoption rates and an upward price trajectory for Bitcoin in the long run.

As observed in the past, any positive development or news about BTC ETFs has often led to a spike in Bitcoin’s price due to increased demand from retail and institutional investors.

Featured image from iStock, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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