JPMorgan Joins BlackRock's Bitcoin ETF: A New Era Begins

• BlackRock Appoints JPMorgan for its Prospective Spot Bitcoin ETF
• BlackRock Advances in the Race for Spot Bitcoin ETF
• The Role of the SEC and Rising Expectations in the Crypto Market
• BlackRock's Engagement with the SEC for Bitcoin ETF Approval
• Bitcoin's Current Trading Status

BlackRock Appoints JPMorgan for its Prospective Spot Bitcoin ETF

BlackRock has officially designated JPMorgan as the approved participant for its impending Spot Bitcoin$42,260 -0.64% ETF. Should the SEC grant permission, JPMorgan Securities and Jane Street Capital are set to be amongst the leading financial institutions to work with Bitcoin shares for investments.

BlackRock Advances in the Race for Spot Bitcoin ETF

In the most recent alteration to its S-1, BlackRock has positioned itself at the forefront of the Spot Bitcoin ETF competition. Investors have eagerly awaited a spot BTC ETF in the US for some time. The Securities and Exchange Commission (SEC) is anticipated to greenlight the first one potentially as early as January 2024.

The Role of the SEC and Rising Expectations in the Crypto Market

The SEC has consistently deferred its decision on Bitcoin ETF approval in the US due to numerous concerns. Nevertheless, US courts have been applying pressure on the regulatory body to reach a decision, heightening excitement across the entire crypto market, particularly in relation to Bitcoin.

BlackRock's Engagement with the SEC for Bitcoin ETF Approval

BlackRock has had numerous meetings with the SEC in recent months, adding to the pressure for Bitcoin ETF approval. In October, BlackRock became the pioneering Wall Street firm to make use of JPMorgan's blockchain-based collateral settlement system. Given this pre-existing relationship with BlackRock, JPMorgan is predicted to be one of the primary bank options to incorporate Bitcoin ETFs into everyday banking for their clients.

Bitcoin's Current Trading Status

At the time of this report, Bitcoin is priced at $42,065.54. It has endured a dip in the past 24 hours, however, following the announcement from BlackRock and JPMorgan, the BTC price experienced a modest resurgence to above $42,000 after previously dropping as low as $41,800 just hours before.

Edited by Jonathan Stoker