"Every day there must be a story about BlackRock, I guess what's going on?"
The price of the king of cryptocurrency Bitcoin (BTC) yesterday finally managed to climb up to $47,256 for the first time since April 2022 amid the expected approval of the spot BTC ETF is being discussed more and more.
This is because BTC ETF applicants BlackRock, VanEck and WisdomTree have disclosed fees for their proposed ETFs while there is a flurry of filing amended S-1 forms with the Securities and Exchange Commission (SEC).
BlackRock reportedly set its fee at 0.2% for the first year or until the ETF reaches $5 billion in assets and after that it will increase it to 0.3% while Wisdom Tree and VanEck opted for fees of 0.5% and 0.25%.
Meanwhile, Ark Invest lowered its fee to 0.25% from the 0.8% it previously announced.
According to Eric Balchunas, a Bloomberg Intelligence analyst said that he did not expect BlackRock's 0.3% fee to be cheaper than he had predicted and this meant that other people's lives would be more difficult.
Ahead of the SEC's 8 a.m. deadline today, the firms have rushed to file their amended S-1 forms following their amended 19b-4 filings last Friday.
On the other hand, Standard Chartered Head of Research Geoff Kendrick predicts that the price of BTC will reach $200,000 by the end of 2025 if the SEC approves the spot BTC ETF as soon as possible.
Plus there is a BTC halving event which in turn could cause miners to hoard tokens and a decrease in BTC supply may be triggered, so reduced supply and increased demand could push the price to $100,000 before the end of 2024.
As of this writing, BTC price has surged by 6.48% to $46,563 in the last 24 hours with a market cap of $912 billion and a further 3.75% increase over the last week.
