‘s market cap has hit $670 billion, following a record-breaking 12% surge to $35,000 on Tuesday. This significant increase, which saw Bitcoin trading at $34,449 with a 12.14% rise within 24 hours, coincides with BlackRock’s iShares Bitcoin Trust listing on the Depository Trust & Clearing Corporation (DTCC) and the imminent seeding of its iShares Bitcoin ETF. The progress towards a US spot Bitcoin ETF listing, under ticker IBTC, was highlighted by MartyPartyMusic and Bloomberg’s senior ETF analyst Eric Balchunas on Twitter.

On Monday, as Bitcoin breached $35,000 on Coinbase (NASDAQ:) and achieved a market cap of over $650 billion with a seven-day rise of 16.60%, Blackrock (NYSE:) and Grayscale were making strides in the Bitcoin spot ETF market. Scott Johnsson, a finance lawyer at Davis Polk & Wardwell LLP, disclosed that Blackrock had procured a CUSIP (Committee on Uniform Securities Identification Procedures) through iShares amendments. This move signals readiness for its spot Bitcoin ETF launch and possible plans for cash seeding. Crypto netizen CryptoMartyX interpreted this as Blackrock’s potential initial capital investment into the ETF.

Simultaneously, Grayscale is also gearing up for its spot Bitcoin ETF launch. The SEC’s non-objection to a court ruling against its unfair denial of Grayscale Investments’ application has led to heightened anticipation for a Bitcoin ETF. A US federal court ordered the SEC to review Grayscale’s application, with approval predicted by Bloomberg Intelligence analysts Elliott Stein and James Seyffart. Amid these developments, Justin d’Anethan of Keyrock noted improved crypto market liquidity.

These advancements by Blackrock and Grayscale could be pivotal in meeting the escalating demand for a spot Bitcoin ETF in the crypto market. Unlike the volatile , Bitcoin is showing hedge-like characteristics, which could attract more investors to the crypto market.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.




Source link

Best Brokers

Unmatched trading fees, generous bonuses, top notch Regulation Frame.

T&Cs Apply

Risk disclosure: All investments involve a degree of risk of some kind. Trading financial derivative products comes with a high risk of losing money rapidly due to leverage.

Top-Tier Regulations. Unmatched Spreads and Commissions. Trading View is available.

T&Cs Apply

Financial Spread Trades and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84.7% of retail investor accounts lose money when trading CFDs with this provider.

Modern and Intuitive Interfaces, Solid Regulatory Frame, and excellent Trading Fees.

T&Cs Apply
Risk warning: Trading derivatives is highly speculative, carries an inherent risk of loss and is not suitable for all investors. Before trading, you are strongly advised to read and ensure that you understand the relevant risk disclosures and warnings.

Highly Regulated. Low Spreads and Commissions. Vast Account Options.

T&Cs Apply

Risk Warning: Trading derivatives carries significant risks. It is not suitable for all investors and if you are a professional client, you could lose substantially more than your initial investment.