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The biggest cryptocurrency Bitcoin (BTC) has made a remarkable 12% surge, reaching $35,000, the highest level seen in 2023. With this move, BTC has more than doubled its gains since the beginning of the year, exceeding 100%.
BlackRock’s Move Boosts Bitcoin
The recent development that triggered the rise in Bitcoin was the listing of BlackRock’s iShares Bitcoin Trust on the Depository Trust & Clearing Corporation (DTCC). Additionally, the asset management giant plans to open trading for its iShares Bitcoin ETF by the end of this month. All of these indicate a step closer to the launch of the first spot Bitcoin ETF in the US in the coming months.
At the time of writing this article, Bitcoin is trading at $34,450, up 12.12% in the last 24 hours. The largest cryptocurrency has added approximately $100 billion to its market value in just the past 24 hours.
Grayscale’s Spot Bitcoin ETF Approval Almost Certain
Expectations for a spot Bitcoin ETF have increased following the latest reports. This includes the recent development that the US Securities and Exchange Commission (SEC) will not appeal the court decision that found the SEC unjust in rejecting Grayscale Investments’ application. On October 23, a US federal court instructed the SEC to review Grayscale’s spot Bitcoin ETF application. Bloomberg Intelligence analysts Elliott Stein and James Seyffart stated that although the timing is uncertain, it is almost certain that the SEC will approve the spot Bitcoin ETF.
Speaking about the development, Justin d’Anethan, the Head of Business Development for Keyrock in Asia Pacific, said:
Liquidity is a little better than before. Prices have recovered, and there is a certain amount of liquidity. However, it is nothing compared to the enthusiasm of 2020-2021.
Recent price movements in Bitcoin and the overall cryptocurrency market are going in the opposite direction of the US stock market. The volatile bond market led to a 200-point drop in the Dow Jones on Monday. Bitcoin and altcoins, on the other hand, are showing hedge-like characteristics by reversing their direction upwards.
