BlackRock's Bitcoin ETF Dream Dashed By SEC: Crypto Market On Edge
Portfolio Pulse from Murtuza Merchant
The SEC has rejected recent applications for spot bitcoin ETFs filed by asset managers including BlackRock and Fidelity Investments, citing lack of clarity and comprehensiveness. This comes as bitcoin and crypto-related stocks have surged following BlackRock's ETF application. Bitcoin has risen by approximately 20%, while shares of Coinbase Global, the custodian for the BlackRock fund's holdings, have surged by over 30%. Other asset managers have also reactivated or amended their applications for spot Bitcoin ETFs.
June 30, 2023 | 4:32 pm
News sentiment analysis
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NEGATIVE IMPACT
BlackRock's application for a spot bitcoin ETF has been rejected by the SEC, potentially impacting the company's plans in the crypto space.
The rejection of BlackRock's bitcoin ETF application by the SEC could negatively impact the company's plans and strategies in the crypto space. This could potentially lead to a short-term negative impact on the company's stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Bitcoin has surged by approximately 20% following BlackRock's submission of ETF paperwork to the SEC.
The news of BlackRock's submission of ETF paperwork to the SEC has led to a surge in Bitcoin's price. This positive sentiment could continue to drive the price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 70
POSITIVE IMPACT
Shares of Coinbase Global, the custodian for the BlackRock fund's holdings, have surged by over 30% following BlackRock's ETF application.
The news of BlackRock's ETF application has led to a surge in Coinbase Global's shares, as the company is listed as the custodian for the BlackRock fund's holdings. This positive sentiment could continue to drive the price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 70