It stopped around $45,000 after the announcement shook the morale of cryptocurrency investors. About 16 hours ago, there was a massive purge when the SEC’s official Twitter (X) account was hacked and everything went upside down. However, today is the last day and the SEC will officially announce its decision in the coming days.
When Will Bitcoin ETF Be Announced?
Bloomberg’s well-known ETF expert Eric Balciunas said that the spot approval of Bitcoin ETF could take place between 00:00 at night and 02:00 in the morning Turkey time. At the time of writing, the decision is expected to be made at 7.41am in Washington D.C. and between 16.00 and 18.00 US time.
While everyone is focusing on approval times, BlackRock has updated practices to reduce administrative fees. Now the competition has become even more intense. In fact, all spot BTC ETFs do the same thing, and to stand out from the competition, companies must take steps such as advertising, marketing and reducing fees.
The largest provider of ETFs that appeal to many investors is BlackRock. So if it’s affordable, people will probably choose it first. Issuers of Spot Bitcoin ETFs, whose fees are even lower than gold ETFs, expect billions of dollars of liquidity to flow there.
Bitcoin and Altcoins Latest Status
Following the fake announcement 16 hours ago, BTC price dropped from approximately $48,000 to $44,748. A few days ago, I said that this week would be extremely harmful, especially for altcoins. In response to this trend, for-profit sales had already begun on Sunday. However, recent volatility has also caused panic selling.
Even if the SEC approves the ETF in the coming hours, most attention will continue to be focused on BTC, so altcoins may melt until the king of cryptocurrencies finds support at higher levels and consolidates.
