The  “ETF” approval of a spot bitcoin exchange-traded fund (ETF) might “put severe downward pressure on bitcoin prices,” according to global investment bank JPMorgan. On the other hand, Standard Chartered Bank believes that such an approval from the US Securities and Exchange Commission will result in “price upside.”

In other developments, a lone Bitcoin miner using just 0.0004% of the network’s hash power has managed to claim a block reward. See the most recent News Week in Review for all of this information and more.

Bitcoin “ETF” could put “severe downward pressure on bitcoin prices,” according to JPMorgan.

The U.S. Securities and Exchange Commission’s (SEC) approval of spot bitcoin exchange-traded funds (ETFs) has prompted global investment bank JPMorgan to issue a warning, stating that it may “put severe downward pressure on bitcoin prices.”

Analysts at the bank predict that when Grayscale Investments transforms its bitcoin trust (GBTC) into a spot bitcoin exchange-traded fund (ETF), billions of dollars may leave the cryptocurrency market.

A lone miner’s 2 PH/S effort secures the block reward with just 0.0004% of Bitcoin’s hash power.

A lone miner experienced incredible success on November 26, 2023, when they found block 818,588—which verified 4,193 transactions in total. This accomplishment earned the miner 6.887 BTC in total, which includes the transaction fees and the 6.25 BTC subsidy.

Standard Chartered Thinks Bitcoin Will Achieve $100,000 Before Its Expected Level
With more optimism over the timing, Standard Chartered Bank has reiterated its prediction that the price of Bitcoin will reach $100,000 in the upcoming year.

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“We anticipate greater price appreciation before the halving than we previously believed, particularly through the sooner-than-anticipated launch of U.S. spot [bitcoin] exchange-traded funds,” the bank’s analyst stated.

Blackrock Encourages Spot Bitcoin “ETF to Use the In-Kind Creation Method: Report

The largest asset manager in the world, Blackrock, has advocated for its bitcoin exchange-traded fund (ETF) to use the in-kind production method instead of the cash creation model that the U.S. Securities and Exchange Commission (SEC) prefers.

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