The price of Bitcoin (BTC) recently surpassed the $34,000 threshold, reaching its highest level for the year as bulls pushed the asset up 10% in 24 hours.
With the parabolic price run, Bitcoin’s volume now sits at over $47.43 billion, up 193.84% over the past 24 hours. The resurgence in Bitcoin price stems from the sustained hype surrounding the potential of a spot Exchange Traded Fund (ETF) approval in the US.
The BlackRock Bitcoin ETF Trigger
One obvious trigger driving the rally is the positive sentiment surrounding BlackRock’s iShares Bitcoin Trust. According to an update from Bloomberg’s Senior ETF Strategist, Eric Balchunas, the iShares Bitcoin Trust got listed on the “Depository Trust & Clearing Corporation (DTCC).”
The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again all part of the process of bringing ETF to market.. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0
— Eric Balchunas (@EricBalchunas) October 23, 2023
While this comes as a statutory preparation ahead of the potential Bitcoin ETF listing, market experts consider this step a big deal, considering DTCC is the body that clears NASDAQ trades. The BlackRock BTC ETF will bear the ticker symbol IBTC.
Bitcoin has benefited immensely from BlackRock’s involvement in listing a spot ETF. The asset printed a short-paced rally last week as false news teasing the approval of the iShares ETF application made the rounds. Though the accrued gains faced a correction at the time, the hype failed to leave the market.
As part of its preparatory plans to list the Bitcoin ETF, BlackRock also hinted in the latest amendment to its filing that it plans to seed the ETF this month. This move does not imply the investment giant has received approval to list the product, but it gives a big tip to show a listing might be near.
Bitcoin ETF: a Race of Many Juggernauts
Despite BlackRock’s investment in the Bitcoin spot ETF race being the most acknowledged, many financial giants are in the queue to get their applications approved for similar products.
From Grayscale Investments to Ark Invest, Fidelity, and Invesco, the SEC is busy with the review process, and market leaders have hinted at a likely joint approval to avoid giving one applicant the first-mover advantage.
Currently, Bitcoin is the biggest beneficiary of this trend, and experts remain optimistic an actual approval can spark another bull rally.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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