The largest cryptocurrency Bitcoin (BTC) has surged by a remarkable 12%, 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, more than 100%.
BlackRock’s Move Boosts Bitcoin
The recent development that accelerated the rise in Bitcoin was the listing of BlackRock’s iShares Bitcoin Trust on the Depository Trust and Clearing Corporation (DTCC). Additionally, the asset management giant plans to launch trading for its iShares Bitcoin ETF by the end of this month. All of this signals a step closer to the launch of the first spot Bitcoin ETF in the US in the coming months.
At the time of writing, Bitcoin is trading at $34,450, up 12.12% in the last 24 hours. The largest cryptocurrency has added nearly $100 billion to its market value in the last 24 hours.
Grayscale’s Spot Bitcoin ETF Approval Almost Certain
Spot Bitcoin ETF expectations have increased following the latest report. This includes the recent development that the US Securities and Exchange Commission (SEC) will not appeal the court’s decision that found the SEC unjust in denying Grayscale Investments’ application. On October 23, a US federal court directed the SEC to review Grayscale’s spot Bitcoin ETF application. Bloomberg Intelligence analysts Elliot Stein and James Seifert said that although the timing is uncertain, it is almost certain that the SEC will approve a spot Bitcoin ETF.
Speaking about the development, Justin D’Anethan, Keyrock’s Head of Business Development 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 have been moving in the opposite direction to that of the US stock market. The Dow Jones fell 200 points on Monday due to the volatile bond market. On the other hand, Bitcoin and altcoins are showing hedge-like characteristics by reversing their direction to the upside.