Bitcoin ETF discussions by BlackRock and Nasdaq hint at potential rise

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Bitcoin ETF discussions by BlackRock and Nasdaq hint at potential rise
Credit: © Reuters.

The global cryptocurrency market may be on the cusp of a significant shift, with key financial players like BlackRock Inc (NYSE: BLK ). and Nasdaq engaging in discussions with the U.S. Securities and Exchange Commission (SEC) on Sunday evening regarding the listing of spot Bitcoin ETFs.

The meeting comes at a time when the global crypto market cap has seen a slight increase to $1.42 trillion, while Bitcoin itself has climbed to $38,300. According to a report by Santiment, this uptick in Bitcoin's price coincides with top Tether holders accumulating an extra $1.67 billion over the past six months. Such whale activity often precedes further price increases for Bitcoin, suggesting that if these trends continue, the market could see additional upward momentum.

This dialogue is particularly relevant for companies such as Fidelity, Invesco Galaxy, Valkyrie, WisdomTree, VanEck, and Bitwise, which are all in the process of awaiting decisions on their respective ETF proposals.

In tandem with these developments in the crypto space, stock futures hint at a pause in Wall Street's recent rally. S&P 500 futures have dipped slightly amidst concerns that weakening consumer spending could dampen the economic impact of the holiday shopping season. Investors are closely monitoring upcoming economic reports, including today's new home sales data and the Dallas Fed Manufacturing Survey. Additional reports on inflation and consumer confidence are scheduled for release later this week.

Investors and market watchers remain attentive to these unfolding events as they could pave the way for new investment products and potentially spur further growth within the cryptocurrency market.

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