- BlackRock’s iShares Bitcoin ETF has triggered a massive rally that has seen BTC climb above $35,000.
- The Bitcoin ETF has demonstrated BTC’s demand on Wall Street and other major financial institutions worldwide.
BlackRock’s iShares Bitcoin ETF Nasdaq listing earlier this week triggered a frenzy among crypto traders leading Bitcoin (BTC) to surge by nearly 14 percent in a couple of hours. This move led BTC to surge from under $30,000 to over $35,000. The new price tag marks a new 2023 high but investors are optimistic for even greater gains with $40,000 being the immediate target.
Earlier this year, BlackRock, the world’s largest asset manager, with US$9.42 trillion in assets under management, filed for a spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). Generally viewed as a hugely bullish event, evidence of this is now clear. A trading symbol for the ETF is listed on the website “Depository Trust & Clearing Cooperation” (DTCC for short): IBTC. Although this did not have any inherent value, it was enough to trigger a surge, driven by Fear of missing out (FoMO) on what is now viewed as an imminent approval of the spot Bitcoin ETF by the SEC.
My brothers in bitcoin:
I spent six years managing new ETF launches for NYSE (2010-2016), and about 15 years in ETF product development and management.
The DTCC thing means absolutely nothing. Nothing. Get offline and spend time with your loved ones.
— Phil Bak 🎩 (@philbak1) October 24, 2023
The ticker was removed the next day which caused hysteria in the market leading to a pullback in BTC prices. This has been listed back on the website and has seen BTC prices stabilize. At the time of press, BTC is trading at $34,100 after a 2 percent decline in the last 24 hours.
Interestingly, BlackRock boasts an impressive 99.8 percent approval rate for its previous ETF applications. But although the financial giant seems to have a great relationship with the SEC, the regulator has recently levied charges against BlackRock amidst the surprise reappearance of its Bitcoin ETF on Nasdaq, creating a whirlwind in the crypto market.
Read More: SEC Sues BlackRock, Bitcoin ETF Relisted on Nasdaq as Price Prepares for Next Move to $40,000
As CNF reported, a false claim by a leading news platform that BlackRock’s spot Bitcoin ETF was approved by the SEC had a similar effect on the ticker with BTC jumping in a few hours. At the time, the false reports of an SEC approval for BlackRock’s iShares spot Bitcoin ETF briefly boosted Bitcoin to $30,000, but the price quickly retracted upon debunking the news.
In addition to the many ETF experts who have predicted the SEC will approve not only the BlackRock spot ETF but multiple applications, Coinbase’s chief legal officer, has weighed in. Paul Grewal anticipates the SEC will grant approval soon based on the major financial firms that submitted ETF proposals. Once approved, this will attract billions of dollars into the digital asset in the months and years ahead.
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