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The global crypto market cap is $1.09 trillion with a 24-hour volume of $48.97 billion. The price of Bitcoin is $28,380.96 and BTC market dominance is 51.0%. The price of Ethereum is $1,574.24 and ETH market dominance is 17.4%. The best performing cryptoasset sector is eCommerce, which gained 19%.
The CEOs of ARK Invest and BlackRock shared their insights on the current state of Bitcoin ETF applications and current market dynamics.
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Cathie Wood, the CEO and CIO of ARK Invest, commented on pending spot Bitcoin ETF applications during a CNBC interview on Oct. 16.
As ARK Invest is one of several asset managers pursuing a spot Bitcoin ETF, Wood began by describing the current state of her company’s application, stating:
“It was publicized and disclosed last week that we had responded to the SEC’s request for information around our Bitcoin filing, and we responded. That’s basically all we can say.”
The U.S. Securities and Exchange Commission (SEC) published initial requests for comments on select spot Bitcoin ETF applications in late September. Though ARK Invest was not one of the firms that initially received a request from the agency, it nevertheless responded by updating its application on Oct. 11.
During the current interview, Wood suggested that the SEC’s questions indicate that the agency’s stance toward spot Bitcoin ETFs is changing. She added that the SEC’s decision to seek information could signify that “hopes are rising” for spot Bitcoin ETFs.
When the interviewer suggested that many commentators believe a spot Bitcoin ETF could be approved by the end of the year, Wood suggested that this could be due to ARK’s own approval deadline. The SEC must reach a decision on ARK’s proposal by Jan. 10, 2024. Though ARK’s application is first in line, Wood noted that multiple ETFs could be approved at once — echoing one of her earlier statements from August.
Wood’s comments followed a few hours of frantic trading after rumors circulated on social media that the SEC had approved BlackRock’s spot Bitcoin ETF application; those rumors, however, were unfounded.
BlackRock CEO Larry Fink appeared later in the day on Fox Business, saying in an interview that he had “only heard [about] it an hour ago,” implying that he was unfamiliar with the rumor. In the same interview, however, he expressed the view that today’s rally was likely primed by markets’ growing interest in a “flight to quality” among growing geopolitical tensions connected to Hamas’ war against Israel.
Crypto, Fink said, alongside Treasuries and gold, may appeal to investors as for this reason.
The SEC has not issued any updates on spot Bitcoin ETF approvals, and individual members of the SEC have not commented on the BlackRock approval rumor.
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada’s West Coast.
Jacob Oliver is a recovering academic and English teacher who went down the crypto rabbit hole in 2017 after recognizing the technology’s potential.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Cathie registered ARK Investment Management LLC (“ARK”) as an investment adviser with the U.S.
ARK Investment Management LLC (ARK Invest) holds a precision lens on thematic investing.
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
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The CEOs of ARK Invest and BlackRock shared their insights on the current state of Bitcoin ETF applications and current market dynamics.
Written and published by the SEC’s Division of Examinations, the standards are meant to prioritize risk areas that pose emerging threats to investors or market integrity.
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Unverified rumors of BlackRock’s Bitcoin ETF approval generate market volatility while SEC postpones final verdict.
Tech giants may be forced to disclose when customers rent large amounts of power if the order materializes.
The once-revered FTX founder won admiration and trust of countless peers with a facade of virtue signaling and projected altruism before the illusion was shattered.
The move aims to bolster consumer protections in a market plagued by recent significant hacks on platforms like Axie Infinity, Crypto.com, and FTX.
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