- Bitcoin price shattered past the critical level of $31,777 to record an intra-day high of $34,741 after a 17% surge on October 23.
- The surge came on the back of bullish news concerning BlackRock and Grayscale amid ongoing mania relating to ETFs.
- With BTC printing a massive green candle, panic travels deep into the hearts of sidelined bulls hoping to buy lower.
Bitcoin (BTC) price is highly bullish, pumping hard after shattering a critical weekly resistance. The rise has seen the flagship cryptocurrency breach key resistance barriers to bring the highly bullish target of $35,000 in sight.
Bitcoin price test of $35,000 level forthcoming
Bitcoin (BTC) price recorded a 17% surge in 24 hours to hit an intra-day high of $34,741 on October 23. This was before a quick pullback to the current price of $32,914, with prospects for more gains as the Relative Strength Index (RSI) continues to show rising momentum. Increased buying pressure could see BTC extend a neck high to tag the $35,000 psychological level.
BTC/USDT 3-day chart
BlackRock iShares Bitcoin Trust listed on DTCC
The hard pump for Bitcoin price comes on the back of two pivotal developments around BlackRock and Grayscale. Both events have tipped the scale further in favor a spot Bitcoin ETF to launch soon.
In a recent report by ETF specialist Eric Balchunas, iShares Bitcoin Trust has been listed on the Depository Trust & Clearing Corporation (DTCC). This is the body that clears Nasdaq trades. The BlackRock product has been dubbed “IBTC” with Balchunas acknowledging that the process of bringing ETF to market continues to strengthen.
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
It comes after BlackRock indicated in their recent spot Bitcoin ETF amendment that they would be seeding the ETF in October. Notably, seeding an ETF is when initial funding is provided (typically) by a bank or broker-dealer used to purchase a few creation units (in this case BTC) in exchange for ETF shares that can be traded in the open market on the first day. Citing Balchunas:
Seeding is typically not a lot of money just enough to get ETF going. So I wouldn't read this as 'omg Blackrock is buying a ton of bitcoin' at all but more the fact they doing it and disclosing it shows another step in the process of launching.
Meanwhile, reports have also indicated that Grayscale's victory has been upheld after the court ruled in favor of the investment firm over the SEC, asking the commission to review the BTC ETF application. Read the full story here.
Crypto ETF FAQs
What is an ETF?
An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.
Is Bitcoin futures ETF approved?
Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.
Is Bitcoin spot ETF approved?
Bitcoin spot ETF has been approved outside the US, but the SEC is yet to approve one in the country. After BlackRock filed for a Bitcoin spot ETF on June 15, the interest surrounding crypto ETFs has been renewed. Grayscale – whose application for a Bitcoin spot ETF was initially rejected by the SEC – got a victory in court, forcing the US regulator to review its proposal again. The SEC’s loss in this lawsuit has fueled hopes that a Bitcoin spot ETF might be approved by the end of the year.
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