Former Goldman Sachs Executive Predicts $1 Quadrillion Crypto Use-Case for Finance Industry
Raoul Pal, a former executive at Goldman Sachs, believes that the finance industry could eventually see up to $1 quadrillion worth of derivatives and equities move onto blockchain and crypto platforms. Pal notes that BlackRock's recent push for a Bitcoin exchange-traded fund (ETF) sends a message to the industry that crypto is a meaningful technology.
JP Morgan Analysts Believe Spot Bitcoin ETF Approval is Inevitable After Grayscale's Victory Over SEC
JP Morgan analysts have said that the US SEC has no choice but to approve a spot Bitcoin ETF following Grayscale's recent victory over the regulator. The SEC has delayed its decision on spot BTC ETFs from various companies until at least mid-October.
Crypto Market Bearish Today with Bitcoin ETF Approval Decision Postponed
The crypto market is currently bearish, with many hoping that the approval of a spot Bitcoin ETF will bring a bullish trend. However, the SEC has postponed their decision and the Fear And Greed Index remains in the fear zone at 34/100. Bitcoin's price is still below $30,000 at $25,789.89, down by 1.09% in the last day.
Grayscale CEO Hints At Timeline For Bitcoin Spot ETF Decision
Grayscale CEO Michael Sonnenshein has described the recent US appeals court decision overturning the SEC's block of his firm's proposed spot Bitcoin ETF as a "huge win." The ruling has raised hopes for the launch of the first US ETF directly investing in Bitcoin. Sonnenshein expressed uncertainty about the next steps for Grayscale, mentioning the final operational procedures and the 45-day window for an en banc hearing. The market reacted swiftly to the news, with GBTC shares surging 17% but later dipping, indicating some skepticism.
Factors That Could Trigger the Next Bull Run in the Crypto Market
For a bull run to occur in the crypto market, there needs to be a catalyst such as the approval of a Bitcoin ETF or the halvening in May 2020. These events would validate crypto as an asset class and reinforce the scarcity meme. While regulation is often viewed negatively in the crypto industry, better regulation could actually increase participation from consumers and institutions.
Analyst: Grayscale’s Win Could Make Alameda’s Redemption Suit Moot
According to Bloomberg Intelligence's lawsuit analyst in a report on Wednesday, Grayscale's victory over the SEC could pave the way for the company to convert it into the first spot Bitcoin ETF in the United States. This change would allow redemption of fund shares, making Alameda's lawsuit unnecessary, which demands that GBTC reduce fees and implement a redemption plan. Redemption may align the value of the fund with the value of the Bitcoin it holds, which has been a long-standing demand of the fund.
Bitcoin Short Traders Liquidated for $120M Following Historic Ruling on ETF
Traders holding short positions have lost $120 million in just 24 hours following a historic ruling that may pave the way for a bitcoin ETF. The ruling, which saw a panel of judges side with Grayscale in their suit against the SEC, could allow the $50 billion firm to convert its Bitcoin investment trust to a direct ETF. Despite the SEC reviewing the decision, many observers believe it opens the door to an eventual Bitcoin spot ETF. <br>
Grayscale Bitcoin Trust (GBTC) Shares Rally 17% After Major Victory Against US SEC
Grayscale has won a significant victory against the US SEC regarding the conversion of its Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin ETF. This has led to a rally in the GBTC share price, which closed at $20.56 on Tuesday, August 29, with a reduced discount to the fund's underlying token holdings.
Grayscale Wins Legal Battle to Launch First Bitcoin ETF in the US, Bitcoin Price Surges 6%
Grayscale Investments LLC has won a significant legal battle and can now launch the first Bitcoin exchange-traded fund (ETF) in the US, potentially attracting more investment. Bitcoin's price rose by 6% following the announcement, with a 24-hour trading volume of over $17.5 billion. The SEC's decision to halt the ETF was overruled by a three-judge appeals panel in Washington, allowing Grayscale to create and redeem shares in tandem with fluctuating demand. The move to an ETF could unlock around $5.7 billion from Grayscale's $16.2 billion trust, marking a milestone in the mainstream financial world's ever-evolving cryptocurrency landscape.
Spot Bitcoin ETF Filings Await SEC Updates in September 2023
The U.S. Securities and Exchange Commission (SEC) is expected to provide updates on several spot Bitcoin ETF filings in early September 2023, reigniting the debate around the likelihood of ETF approvals. However, there is a high probability that the SEC will delay the decision with no concrete updates, including for Blackrock's application.
