The crypto community is on edge as the SEC is set to announce its decision on Bitcoin ETFs, following a stressful false alert caused by a hack of the SEC’s Twitter account. Bitcoin currently hovers around $45,000 amidst massive liquidations triggered by the fake news.
Eric Balchunas, Bloomberg’s ETF analyst, predicts the potential approval of a spot Bitcoin ETF could be announced between 00:00 and 02:00 Turkish time, corresponding to 16:00-18:00 U.S. time.
While the market awaits the decision, competition heats up among ETF providers, with BlackRock updating its filing to lower management fees. These strategic moves, including marketing and fee reductions, are crucial for companies to stand out in the fierce ETF landscape.
BlackRock, a major player in the ETF market, could attract significant investment if it offers reasonable fees, potentially leading the charge in the spot Bitcoin ETF space and capturing billions in liquidity.
Bitcoin’s price dropped from approximately $48,000 to $44,748 following the fake announcement, with a tough week anticipated for altcoins. The SEC’s upcoming ETF decision could further focus interest on Bitcoin, possibly leading to a consolidation at higher levels, while altcoins may continue to suffer. Investors are advised to be cautious and prepared for volatility, especially in altcoin markets, as the ETF approval could significantly influence trading volumes and Bitcoin’s price trajectory.