- BlackRock’s application for a spot Bitcoin ETF has drawn significant global attention, with speculation rife about the response from the U.S. Securities and Exchange Commission (SEC).
- Following the SEC’s recent statement that applications were insufficient, several companies, including BlackRock, updated their submissions.
- Gareth Soloway, a well-known analyst, predicts that these applications will eventually be approved, despite the SEC’s previous negative stance on cryptocurrencies.
SEC Expected to Soften Stance on Cryptocurrencies
Analyst Gareth Soloway, who boasts over 600,000 followers on YouTube, recently shared his insights on the matter in an interview with financial broadcasting company Stansberry Research. He expressed his belief that the SEC will eventually approve the ETF applications, despite its previous negative stance on cryptocurrencies.
Soloway suggests that the SEC will throw a ‘bone’ to the crypto markets, acknowledging its past harsh treatment and offering a positive step forward. However, he doesn’t believe that Bitcoin spot ETFs will be a ‘game changer’. He points out that the crypto markets are driven by emotions and doesn’t anticipate ETFs having the same impact as gold ETFs.
Bitcoin Could Drop to $15,000
Turning his attention to Bitcoin’s price trajectory, Soloway noted that the $30-31,000 level has been a tough resistance to break. He suggests that the option for a downturn is still on the table.
Since April 14, Bitcoin has been struggling to surpass the $30-31,000 mark. Soloway warns that if this level is not decisively breached, Bitcoin could fall to $20,000, $15,000, or even lower. He advises caution, pointing out that as a 20-year trader, he believes the bear season is not over yet. He draws a parallel with the ‘Dotcom’ crash, noting that bear seasons can shatter dreams and that this has not yet happened in crypto. He maintains that a downward move is still possible.
BlackRock’s Bitcoin ETF Application: A Turning Point?
The application by BlackRock, the world’s largest asset manager, for a spot Bitcoin ETF has stirred significant global interest. The response from the SEC is eagerly awaited, with many speculating that it could mark a turning point in the regulatory body’s approach to cryptocurrencies. Despite the uncertainty, analysts like Gareth Soloway remain optimistic about the eventual approval of these applications, potentially signaling a new era in the crypto markets.
