In a whirlwind week for the cryptocurrency market, Bitcoin took center stage, propelling major cryptocurrencies to new heights. The journey began on Monday when Bitcoin surged past the $31,000 mark, and the momentum didn’t wane. The cryptocurrency continued its ascent, breaching $32,000 and even $34,000 in a single day.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin BTC/USD | +12.33% | $34,043 |
| Ethereum ETH/USD | +6.23% | $1,780 |
| Dogecoin DOGE/USD | +8.00% | $0.066 |
BlackRock’s Game-Changing Move:
The world’s largest asset manager, BlackRock, is making significant strides in the preparation of its proposed Bitcoin ETF, marking a pivotal moment in the industry. Notably, BlackRock’s forthcoming iShares Bitcoin Trust has secured a prominent spot on the Depository Trust and Clearing Corporation (DTCC) website.
Designated with the ticker symbol IBTC, this listing signifies a noteworthy step forward. While it doesn’t guarantee immediate approval, it does signal a growing level of confidence in the potential green light from the Securities and Exchange Commission (SEC) in the future.
The DTCC Factor:
Bloomberg Intelligence’s senior analyst, Eric Balchunas, hailed IBTC as a groundbreaking spot Bitcoin ETF poised for listing on DTCC. The DTCC, a key player in financial market infrastructure, handles trillions of dollars in securities transactions daily. Notably, its subsidiary, the National Securities Clearing Corporation (NSCC), offers an efficient process for clearing ETFs.
The Ripple Effect:
The early-week rallies are largely attributed to the mounting anticipation surrounding the potential approval of Bitcoin spot ETF applications by the SEC. This development has injected fresh optimism into the cryptocurrency market.
In a noteworthy turn of events, a judge in Washington, D.C. has directed the SEC to conduct a reevaluation of Grayscale’s long-pending spot Bitcoin ETF application. This directive follows the regulatory agency’s failure to respond to an earlier court inquiry, underscoring the significance of this move.
In conclusion, the cryptocurrency market has witnessed a week of remarkable highs, with Bitcoin at the forefront of this surge. BlackRock’s strides toward a Bitcoin ETF represent a major milestone, while the SEC’s reevaluation of Grayscale’s application adds an intriguing layer to the unfolding narrative. As we look ahead, the cryptocurrency market’s trajectory promises to be a dynamic one, filled with potential breakthroughs and developments. Stay tuned for more updates!
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Injective | +21.89% | $11.10 |
| Stacks | +18.64% | $0.73 |
| ThorChain | +16.97% | $2.13 |
