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- Bitcoin, Ethereum, and XRP could soar following the ETF approvals.
- BTC surged in June after BlackRock announced its spot Bitcoin ETF filing.
- Steven Schoenfield predicted the SEC would approve multiple ETFs within 3 to 6 months.
In an earlier post, Coinedition reported that former BlackRock managing director Steven Schoenfield predicted that the U.S. Securities and Exchange Commission (SEC) would approve multiple spot Bitcoin Exchange Trust Fund (ETF) within three to six months. Users believe this development could cause Bitcoin, Ethereum, and XRP to soar significantly.
The report indicated that the SEC has varied its approach to ETF applications. Unlike in previous cases when the regulator would outrightly reject ETF applications, it has instead requested comments, something Schoenfield considers a significant improvement in the dialogue process.
Notably, Franklin Templeton, the leading funds manager with a portfolio valued at $1.5 trillion, filed for a spot ETF with the SEC last month. Templeton joins other applicants who followed BlackRock’s lead in June, including Fidelity, Invesco Galaxy, and WisdomTree. These applications, in addition to the lawmaker’s order mandating the SEC to review Grayscale’s application, form a perfect storm that users believe would trigger a bull run for top cryptos like Bitcoin, Ethereum, and XRP.
Bitcoin’s price surged in June after BlackRock announced its spot Bitcoin ETF filing. The flagship crypto rallied nearly 30% on the back of the announcement but has since retraced the gains, according to data from TradingView. The retracement followed regulatory challenges facing the crypto industry alongside other macroeconomic issues. However, Bitcoin is showing bullish sentiments in anticipation of the upcoming ETF approvals and other positive developments in the crypto industry.
Like Bitcoin, Ethereum joined Bitcoin in the June rally, gaining over 25%. Following the same challenges, it lost the gains, and ETH’s price dropped below the pre-BlackRock announcement level. Current market conditions indicate that the flagship altcoin is developing bullish tendencies, and users link those to the ETF approval expectations and the upcoming Bitcoin halving event.
XRP, one of the top 5 cryptocurrencies, spiked by over 100% in one day after a favorable judgment in the Ripple case versus the SEC. However, just like the other two leading cryptos, its price has also dropped, and users believe the embattled cryptocurrency would benefit from the developing bullish sentiment and enjoy a favorable season following the anticipated ETF approvals.
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