A $17.7 Trillion Crypto ‘Window’ Just Quietly Opened Amid Huge Bitcoin, Ethereum And XRP Price Surge
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BitcoinBTC and other major cryptocurrencies—including ethereum and XRPXRP—have rocketed higher this week (despite serious warnings that BlackRock and the U.S. government could be about to “kill” bitcoin).
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The bitcoin price has topped $36,000 per bitcoin, putting $40,000 in touching distance for the first time since May 2022 and helping add $600 billion to the combined bitcoin, etheruem XRP and crypto market since January ahead of an imminent “watershed moment.”
Now, amid fears of a sudden bitcoin “rug pull,” a “window” has quietly opened that could see Wall Street giants that look after $17.7 trillion flow into the bitcoin and crypto market.
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expectations a long-awaited bitcoin spot exchange-traded fund (ETF) could finally be approved, boosting the ethereum price and XRP price.SOPA Images/LightRocket via Getty Images
This week saw the opening of an eight-day window between November 9 and November 17 in which all 12 U.S. bitcoin spot exchange-traded fund (ETF) filings currently lodged with the U.S. Securities and Exchange Commission (SEC) could be approved, according to Bloomberg Intelligence analysts James Seyffart and Eric Balchunas.
BlackRock’s June bitcoin spot ETF filing kicked off a race among some of Wall Street’s biggest asset managers—looking after a combined $17.7 trillion—to bring a fully-fledged bitcoin fund to market following years of SEC denials.
“Delay orders were issued by the SEC for BlackRockBLK, Bitwise, VanEck, WisdomTree, InvescoIVZ, Fidelity & Valkyrie at the same time,” Seyffart wrote in an X (Twitter) post. “We still believe 90% chance by January 10 for spot bitcoin ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants could occur.”
Along with BlackRock’s bitcoin spot ETF filing blowing up expectations that the SEC could be about to approve a long-await bitcoin fund, crypto asset manager Grayscale won a significant legal victory over the SEC in its battle to convert its flagship bitcoin trust to a bitcoin spot ETF.
In August, Grayscale’s legal challenge to the SEC’s denial of its bid to convert its GBTC fund into a bitcoin spot ETF was upheld by a court, ordering the SEC to review the application.
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rebounding following a 2022 crash that wiped trillions of dollars from the combined bitcoin, ethereum, XRP and crypto market.Forbes Digital Assets
“If the agency wants to allow all 12 filers to launch—as we believe—this is the first available window since Grayscale’s court victory was affirmed,” Seyffart added.
Ahead of any decision from the SEC, the bitcoin, ethereum, XRP and crypto market has regained ground not seen for over a year, with technical analysis of the bitcoin price suggesting bitcoin could breach $40,000.
“Bitcoin has broken out of a long consolidation range and is approaching the next round level of $37,000,” Alex Kuptsikevich, senior market analyst at FxPro, said in emailed comments.
“The technical implementation of this pattern suggests a rise to $41,000 to $45,000, depending on which point we choose as the start of the last impulse. The upper limit looks like a suitable target with a pivot point close to it. Near it, in April 2022, the corrective rebound ended, and the most relentless phase of the sell-off began.”
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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.
Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.
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