BlackRock's Bitcoin ETF Application Sparks Crypto Market Buzz

BlackRock’s Bitcoin ETF Application Sparks Crypto Market Buzz

Updated: 26 June 2023

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In a surprising move that sent shockwaves through the crypto world, renowned investment firm BlackRock recently submitted an application to the U.S. Securities and Exchange Commission (SEC) for the approval of a Bitcoin spot exchange-traded fund (ETF).

While the SEC has historically dismissed similar proposals, many believe that BlackRock’s strong track record and vast experience in managing assets, totalling a staggering $9 trillion, could make a significant difference this time.

Crypto Market Buzzes with BlackRock’s Bitcoin ETF Application

The news of BlackRock’s application caused a surge of optimism in the crypto market, driving the price of Bitcoin to reach its highest level in over a year. Larry Fink, the CEO of BlackRock, even made waves in the media with his remarks about the strategic move, emphasizing the positive impact it had on the firm’s public image.

Amidst the excitement, crypto enthusiast Adam Cochran commemorated the occasion by purchasing an unofficial BlackRock non-fungible token (NFT), further highlighting the growing interest and participation in the NFT space.

However, not all developments in the crypto world were met with unanimous enthusiasm. Ethereum’s proposed increase in the stake required to become a network validator from 32 ETH to 2,048 received mixed reactions.

Adam Cochran shared his concerns about the proposal earlier in the week, adding to the ongoing discussions surrounding Ethereum’s future direction.

The crypto community also witnessed the harsh reality of online harassment and exploitation. ZachXBT, a prominent figure in the crypto sleuth community, revealed the toxic treatment he has faced from individuals attempting to take advantage of his position.

Threats already coming in.

Today some random account attempted to extort me for $100k. pic.twitter.com/qQ7I30rn0P

— ZachXBT (@zachxbt) June 19, 2023

Supporters rallied around ZachXBT, establishing a legal defence fund to aid his cause.

Binance, once considered an unshakeable force in the crypto space, experienced a dent in its public image. The Securities and Exchange Commission (SEC) filed a lawsuit against the exchange for alleged securities violations.

Further damaging leaks emerged when incriminating chat logs of Binance personnel discussing the violation of securities laws were revealed. This revelation raised concerns about the company’s compliance practices and further intensified scrutiny from regulators.

Meanwhile, Ripple, the blockchain company behind XRP, focused on expanding its global presence as the SEC intensified its crackdown on domestic blockchain firms. Ripple aimed to strengthen its position in the market by extending its operations beyond U.S. borders.

Crypto Adoption Surges as Companies, Jim Cramer, and Crypto.com Make Headlines

In a display of increased adoption, various major companies delved into the world of crypto. A joint report by Coinbase and The Block highlighted this trend, emphasizing the growing interest and involvement of established companies in the crypto space.

Jim Cramer, the host of CNBC’s Mad Money, sparked a buzz with his comments on cryptocurrencies. Cramer, who was previously highly enthusiastic about crypto, seemed to have cooled off last summer but expressed renewed interest in the subject, attracting attention from the crypto community.

Singapore-based exchange Crypto.com revealed its expansion into the European market, signalling its commitment to increase its global footprint and cater to a wider user base.

Amidst these developments, Alex Gladstein, the Chief Strategy Officer of the Human Rights Foundation, shared a video highlighting the concerns surrounding centrally-issued digital currencies. The video emphasized the potential threats to financial independence, particularly for individuals living under authoritarian regimes.

Finally, President Joe Biden acknowledged the rapid technological advancements of the next decade, with artificial intelligence (AI) serving as a primary driver of change. He emphasized the administration’s commitment to safeguarding individuals’ safety by addressing privacy concerns, tackling bias, and combating disinformation.