Bitcoin Surges Past $45K on Optimism for BlackRock Spot ETF Approval
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Bitcoin price has surged past $45,000 due to expectations that BlackRock's spot BTC ETF may get approved by the SEC this week. This could also boost prices of Ethereum, XRP, Solana.
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Goldman Sachs predicts institutional adoption of crypto will grow significantly in 2024, especially for more complex assets like Ethereum and Solana.
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SEC deadline for approving a spot bitcoin ETF is January 10, 2024. Expectations are high that multiple applications may get approved.
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JPMorgan and Jane Street will act as "authorized participants" to help move cash in and out of BlackRock's proposed spot BTC ETF.
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Analysts predict the next two weeks will be critical and have dubbed this period the "Cointucky Derby" given the high anticipation around SEC decisions on spot BTC ETFs.