BlackRock's spot Bitcoin ETF approval is 'a long shot,' analyst claims

Bitcoin dipped below the $30,000 mark on Friday, falling 1.2% to $29,876.12 at 9:00 a.m. EDT.

The world's largest cryptocurrency dipped below the $30,000 mark on Friday — falling 1.2% to $29,876.12 at 9:00 a.m. EDT, according toBitcoin research lead at CoinShares, Chris Bendiksen, sees a trifecta of challenges causing the digital asset's current stagnation.The first challenge noted by the analyst was buyer exhaustion."There has been buyer exhaustion after the rally caused by BlackRock's spot Bitcoin ETF filing," Bendiksen told The Block.

However, the analyst said public comments by Larry Fink, BlackRock's CEO, have lent considerable momentum to Bitcoin."Having Larry Fink sit on the major financial news networks talking positively about Bitcoin is beneficial in and of itself," Bendiksen asserted. He added the lead-up to the Bitcoin halving will draw substantial media attention and"reiterate the strength of Bitcoin’s rock-hard monetary policy.

The request to the U.S. Department of Justice came after the SEC filed a suit against Binance and its CEO Changpeng Zhao. The SEC filing alleged Binance had listed unregistered securities, commingled customer and company funds, and that Zhao was"secretly" controlling Binance.US.Bendiksen said the third challenge to Bitcoin's upward trajectory is the"recent rotation into altcoins after the XRP summary judgement."below 50%.

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