Bitcoin cryptocurrency is predicted to grow significantly due to the actions of the US authorities

The U.S. Securities and Exchange Commission (SEC) is likely to approve several spot exchange-traded funds trading in the flagship cryptocurrency. As a result, bitcoin will rally. This is stated in a report by crypto service provider Matrixport published on Thursday, August 10, CoinDesk reports.

Recently, several large asset management companies, including BlackRock and Fidelity, have applied to create exchange-traded BTC funds. In addition, Grayscale, a prominent member of the cryptocurrency investment sector, has advocated that the Securities and Exchange Commission (SEC) review and possibly approve all proposed spot ETFs at the same time.

According to Біллі Маркус" href="https://noworries.media/biography/billi-markus/" data-bio-id="3704">MarcusThielen, head of research at Matrixport, ETF providers are willing to devote significant resources to attract both retail and institutional capital. The report notes: «The management fee for a physical bitcoin ETF is likely to be 0.7−1%. This will generate approximately $ 200 million per year for those ETF providers that make marketing costs a priority.»

Matrixport emphasized that during its peak period, Grayscale Bitcoin Trust (GBTC) managed assets totaling $ 43.5 billion. As a result, the annual management fee amounted to $ 487 million. The SEC is expected to respond to the ETF requests from Grayscale, ARK, and seven other companies soon.

However, if the SEC needs more time to make a decision, the price of bitcoin may undergo a correction as early as mid-September. Analysts predict that in such a scenario, the market leader could experience a significant drop.

As of the morning of August 11, the main cryptocurrency BTC $56,577.12 Bitcoin -0.36% Market capitalization $1.12 trillion VOL. 24 hours $2.76 billion was trading at $ 29,386, which is 0.38% lower than yesterday. The total number of coins circulating on the market is $ 571.68 billion. Traders made daily trading deals worth $ 11.52 billion. Bitcoin’s market share is 48.8%.