The post Bitcoin Price Reacts Positively with 5% Increase as BlackRock Nears ETF Deal appeared on BitcoinEthereumNews.com.

BlackRock has agreed to exclude in-kind creations and redemptions from its ETF application. The Bitcoin price has responded positively to this news. Of the many companies that have been pegged to secure a Bitcoin ETF approval in the United States, BlackRock seems to be the one with the best chance. From individual investors to the crypto market as a whole, everyone seems convinced that BlackRock will make history with the ETF by next year. The company has scored another coup in this endeavor by agreeing to some requirements set out by the SEC. In response, the price of Bitcoin has shot up. How BlackRock Is Securing the Bitcoin ETF As per official documents released on the SEC website, BlackRock has made some amendments to its application. Specifically, BlackRock agreed to exclude in-kind creations and redemptions from the ETF. All redemptions will, therefore, be done in cash. “The Trust issues and redeems baskets on a continuous basis. These transactions will take place in exchange for cash. Subject to the in-kind regulatory approval, these transactions may also take place in exchange for bitcoin,” the filing said. This amendment not only satisfies the SEC but also brings BlackRock a step closer to securing the coveted ETF approval. The SEC has denied every company that has applied so far, from Gemini to ProShares, and this is the closest we’ve gotten to approval. As investor Bob Loukas speculated on X, the deal appears to be 99.9% done. Many are celebrating this move because it shows, first that the SEC and BlackRock are in consistent communication and seem to be negotiating the finer details of the application. As these details are coming to light, there have also been positive movements in response. As of December 19, 2023, the price of Bitcoin soared above $43,000 and this…

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Filed under: News - @ December 19, 2023 6:16 pm