Best Crypto to Buy Now 8 August – Hedera, MultiversX, Algorand
The Securities and Exchange Commission (SEC) is anticipated to give the green light to spot Bitcoin ETF applications from financial giants BlackRock and Invesco.
According to Mike Novogratz, CEO of Galaxy Digital, the approval could occur within a four to six-month window.
Considering this evolving macroeconomic circumstance, what are the best cryptocurrencies to buy now?
BlackRock, the world's largest asset manager with over $8.59 trillion in assets under management, has taken the lead in introducing the latest round of spot Bitcoin ETFs.
They filed for approval on June 16, setting the stage for other major players to follow suit. Invesco, WisdomTree, ARK Invest, and Valkyrie have also submitted their applications in the wake of BlackRock's move.
An earnings call on August 8 revealed that sources from both BlackRock and Invesco are optimistic about the approval of their applications.
According to a transcript of the call shared by Bloomberg's Senior ETF Analyst Eric Balchunas, Novogratz quoted contacts who believe the approval is a matter of timing.
Novogratz also indicated on the call that competition among firms for market share in this area would be fierce.
Invesco, which teamed up with Novogratz's Galaxy Digital for the Invesco Galaxy Bitcoin ETF in September 2021, reapplied on June 21 after BlackRock initiated a new batch of applications.
The creation of a spot Bitcoin ETF would present a significant development for Wall Street, allowing investors to track the price movements of Bitcoin (BTC) without owning it directly.
This financial product would let institutions and traders engage with Bitcoin's price as they would with traditional finance, without the usual complexities of figuring out digital wallets and
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