30,000 is the dividing line between bull and bear markets. Whether BlackRock and other ETFs pass or not will directly affect the market's sharp rise or fall?

In June, BlackRock applied to the US SEC for a Bitcoin spot ETF. Subsequently, Bitwise, VanEck, Invesco, Fidelity, WisdomTree, Valkyrie, ARK Invest, 21 Shares and other institutions also applied for or updated Bitcoin spot ETFs.

The next important date is August 12, 2023, which is the first deadline for the SEC to respond to BlackRock’s ETF application.

There are three possibilities: the regulator can approve, reject or extend its decision by 45 days, giving it ample time to consider. The third scenario is likely to occur based on the Commission’s past responses to similar applications.

The next date for the SEC to submit its decision is September 26, 2023, if it chooses to extend it by 45 days. Again, the regulator has three options, but this time it can choose to extend it by another 90 days.

If the SEC extends it again, the next important date will be December 25, 2023, and again there are three options: approve, deny, or extend.

However, this will be the regulator’s last chance to extend its decision, and it can only be extended for 60 days.

Assuming the SEC chooses to extend each time, it will make its final decision on February 23, 2024, and will have only two options: reject or approve the ETF.

Whether the SEC approves or not will directly affect the market's surge or plunge, and may trigger the bull market. #BTC