Why Bitcoin (BTC) Surged to $35000: Reason Behind!


Bitcoin’s price shot up to $35,000 thanks to some significant events taking place. One big factor was Grayscale winning a court case against the SEC, and the SEC deciding not to challenge the outcome. This victory has boosted the effort to create Bitcoin ETFs.

JPMorgan and Bloomberg Intelligence have suggested that a Bitcoin ETF could get the green light by the end of January 2024. At the same time, SEC Chairman Gary Gensler shared that they were reviewing around 8 to 10 different ETF proposals and talking with the companies behind them.

This faster pace has been confirmed by investors Cathie Woods and Mike Novogratz, who have submitted their own Bitcoin ETF proposals. They’ve reported having more positive discussions with regulators, especially after the Grayscale court case.

All these signs indicate that there might be a group decision on several ETF proposals in the near future. However, a noteworthy development is one particular ETF appearing on a corporation linked to the stock market, which a Bloomberg analyst has highlighted as a significant step toward government approval.

DTCC Lists iShares

Eric Balchunas, who works as a Senior ETF Analyst at Bloomberg, has highlighted that Blackrock’s iShares Bitcoin Trust is now listed on the Depository Trust and Clearing Corporation’s website with the symbol “iBTC.”

The DTCC, a corporation that collaborates with governments globally, is responsible for clearing NASDAQ trades. While this listing doesn’t guarantee approval from U.S. regulators, it signals that Blackrock is quite optimistic about the potential of its proposed fund.

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Financial lawyer Scott Johnson noticed Blackrock’s Bitcoin ETF CUSIP (a unique identifier for financial instruments), along with an update to Blackrock’s documents suggesting that they’ve begun funding the initial capital for the fund.

A CUSIP is a special number used to identify different types of securities, like stocks and bonds, in the United States and Canada. It helps distinguish one security from another.

Eric Balchunas acknowledged Scott Johnson’s discovery about Blackrock’s ETF but cautioned against jumping to conclusions too quickly. He pointed out that BlackRock mentioned in their recent amendment that they’re providing initial funding for the Bitcoin ETF in October. While it’s important information, we shouldn’t read too much into it just yet, especially because it’s BlackRock, a major player in the financial industry.

If Blackrock’s ETF gets approved in the next few weeks, it’s likely that the SEC will also make decisions about other ETFs around the same time.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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