Bitcoin Price Prediction Amid Cathie Wood's ARK Seeking 'Premier Position' in Bitcoin ETF Race"
The price of Bitcoin currently stands at $30,442, reflecting a less than 0.50% drop on Wednesday.
As Cathie Wood's ARK Investment Management positions itself for a leading role in the Bitcoin ETF race, all eyes turn to the potential impact on Bitcoin's price trajectory.
This update delves into the Bitcoin price prediction amid these unfolding market dynamics and explores the potential implications of ARK's ambitious move in the cryptocurrency ETF space.
The Bitcoin ETF spot was filed by ARK Invest in collaboration with 21Shares, preceding BlackRock's application, and currently sits at the top of the list for SEC approval.
In the middle of June, BlackRock, a financial behemoth, lodged a proposal for a spot Bitcoin ETF, effectively boosting market confidence.
Several executives and experts suggest that contrary to popular narratives, BlackRock may not be the first to launch a spot Bitcoin ETF in the US.
Bloomberg's Senior ETF Analyst, Eric Balchunas, succinctly captured the case for a spot Bitcoin ETF in his tweet: "What does BlackRock know?" Nate Geraci, the co-founder of the ETF Store, expressed a similar sentiment in his tweet on June 26th.
BlackRock's timing in filing the spot Bitcoin ETF application has caught the attention of several industry analysts, leading some to speculate that the company might have insider information about the SEC's forthcoming BTC ETF regulations.
Considering the lack of progress since the Winklevoss twins' application back in 2017, Wade Guenther, a partner at Wilshire Phoenix, told Cointelegraph that it's unlikely the SEC will approve a spot Bitcoin ETF in 2023.
Guenther further stated:
"Given that the review period is still ongoing, we don't anticipate a spot Bitcoin ETF becoming available to the
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