Bitcoin Smashes $35,000 Upon BlackRock’s BTC ETF Development

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Dailycoin2023/10/30 11:36

By:Dailycoin

BTC taps a yearly high above $35,000 as BlackRock’s ETF progresses.
Top finance lawyer explains the significance of the latest ETF amendments.
Market players make brave bets with parallels to gold’s ETF in 2023.

Despite the bearish macroeconomic factors, the leading digital asset , Bitcoin (BTC), managed to break through $35,000 in the early hours of Tuesday. Bitcoin scored its yearly high of $35,066.43 at 5:30 AM GMT.

BlackRock’s Bitcoin ETF progress highly influences the king coin’s instantaneous run. Interestingly, some early parallels can be drawn between gold receiving its first exchange-traded fund (ETF) in March 2003. The historical evolution of precious metals inked a 420% upsurge in gold prices until 2011.

Popular crypto trader Pauly noticed a nearly identical pattern between Bitcoin and gold pre-ETF, audaciously declaring: “It’s gonna be insane.” Bitcoin’s rise to the moon was ignited by the iShares Bitcoin-based ETF receiving a “unique identifier assigned to securities,” explained Scott Johnsson, a top finance lawyer at Davis Polk Wardwell LLP.

The BTC ETF is going to absolutely moon crypto. 💥

It’s gonna be insane.

Look at the effect it had on the value of gold: pic.twitter.com/7Uy6edtmbX
— PAULY (@Pauly0x) October 24, 2023

Two Investment Giants Lift Bitcoin Up

BlackRock, the investment management company, has contributed the most towards the ongoing BTC run. The king of all cryptos whipped up 12.8% gains in the last 24 hours, now trading at $34,475.23. After a slight market correction, BTC stands strong with a 77.7% yearly performance, outperforming all TOP 30 cryptocurrencies by global market capitalization.

BlackRock’s recent push for the Bitcoin exchange-traded fund has bore fruit in the iShares Bitcoin Trust. Going live with the ticker $IBTC, this ETF is now listed on the DTCC (Depository Trust Clearing Corporation). This corporation clears NASDAQ trades, serving as a massive mainstream boost for the leading digital asset.

Grayscale’s victory against the Securities and Exchange Commission (SEC) also sparked mainstream enthusiasm, and some market analysts predict the Bitcoin ETF approval to bring a cash inflow of $200 billion.

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

On the Flipside

While the issuers of the inaugural exchange-traded funds are actively working with the Securities and Exchange Commission (SEC), the Bitcoin ETF approval has no official date yet.

Why This Matters

The latest Bitcoin bull run accentuates the importance of retail adoption for blockchain tech.

Read DailyCoin’s trending crypto news:
MiCA Could Boost Crypto Adoption, But U.S. Cases Hold the Key
FOX Journalist Lambasts XRP Army in Escalating Online Feud

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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