Are We Seeing the Signs of a New Bull Market?

BlackRock Spot Bitcoin ETF Filing Adds Coinbase as Surveillance-Sharing Partner

In the latest episode of The Market Report, Cointelegraph analyst and writer Marcel Pechman discussed the recent change to the BlackRock spot Bitcoin exchange-traded fund (ETF) filing, which includes Coinbase as a “surveillance-sharing partner.” Some analysts have suggested that the filings by BlackRock, Fidelity and others have led to the Bitcoin (BTC) rally toward $31,000, but according to Pechman, they’re only partially responsible as it does not guarantee that the United States Securities and Exchange Commission (SEC) will accept any of the ETF filings.

Pechman argued that in the case of a refusal by the SEC, a court decision may be necessary. The SEC could be required to explain the rule for existing spot ETF markets, such as gold and oil, and the judge would decide if the same methodology has been applied to Bitcoin.

As for the recent crypto rally, Pechman believes it was justified. However, given the history of multiple consecutive spot Bitcoin ETF rejections, and complaints regarding wash trading and price-making on Tether-based exchanges, one should not give it a 60% probability of approval.

Consequently, Pechman believes that the $30,000 support price for Bitcoin remains at risk due to macroeconomic uncertainties, weak stock market performance and the harsh regulatory environment toward cryptocurrencies.

Crypto Exchange Gemini’s Earn Program Impacted by DCG Subsidiary

The Market Report podcast recently discussed how Gemini’s Earn program has been severely affected by Genesis Global Trading, a subsidiary of Digital Currency Group (DCG). The Winklevoss brothers were aware of the risks associated with the venture.

Investors are concerned that $25 billion worth of crypto is at risk due to the actions of DCG CEO Barry Silbert. As noted by the podcast host, DCG owns Grayscale, which manages the Grayscale Bitcoin Trust worth $19 billion, and a similar Ether fund worth $6 billion.

To learn more about the potential for a Grayscale fund liquidation and whether the crypto bull market has arrived, listen to the full episode of The Market Report on the Cointelegraph Markets & Research YouTube channel.