Key Points:

• After BlackRock submitted an application for a Bitcoin ETF to the SEC, the price of Bitcoin (BTC) climbed slightly to $25,500.
• There is still uncertainty in the market. Concerns about the US economy and monetary policy persist among investors.
• It is claimed that BlackRock meticulously prepared for the SEC’s severe legal actions against the cryptocurrency market when it filed.

The BTC price returned to $25,500 following the announcement that BlackRock wanted to launch an ETF for Bitcoin.
According to previous rumors, BlackRock, the largest asset management fund in the world, applied to the US Securities and Exchange Commission (SEC) to set up a Bitcoin ETF late on June 15. The iShares investment unit of BlackRock is the organization that is referred to as the Bitcoin ETF; the fund’s official name is iShares Bitcoin Trust.

After the iShares unit of fund manager BlackRock (BLK) filed paperwork Thursday afternoon with the US Securities and Exchange Commission (SEC) to form a spot bitcoin (BTC) ETF, BTC price recorded a slight bounce to $25,700 in an hour before correcting back to the current $25,500 level.

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However, despite the fact that multiple applications for a spot bitcoin ETF have been rejected by the SEC over the past 18 months, BlackRock’s announcement boosted optimism.

The Securities and Exchange Commission (SEC) has yet to approve any physical BTC-based Bitcoin ETFs, despite licensing a variety of Bitcoin futures ETFs by the end of 2021, including ProShares, Valkyrie, and VanEck. SEC Chairman Gary Gensler said that while Bitcoin spot trading might be better, futures contracts are a more regulated financial product that reduces investor risk.

However, the Securities and Exchange Commission is suing Coinbase for allegedly listing several cryptocurrencies that have been declared securities without notifying the SEC, which is the most obvious obstacle to the proposed Bitcoin ETF.

BlackRock, on the other hand, must have been ready to announce its intention to launch a Bitcoin Spot ETF. This is in addition to the importance that this $ 10 trillion wealth management company holds in the US financial sector and the political ties that BlackRock CEO Larry Fink possesses.

The cryptocurrency market remains gloomy, as are US monetary policy and regulatory crackdowns, particularly the SEC’s intense lawsuit against the market’s two largest exchanges. Coinbase and Binance