After briefly pushing past $35,000 toward the end of the U.S. trading day on Monday, bitcoin has consolidated to levels around $34,500. The world’s largest cryptocurrency has gained 12% over the past 24 hours. Analysts are attributing the sudden jump to BlackRock listing its bitcoin exchange traded fund (ETF) on the Depository Trust & Clearing Corp. database with the ticker $IBTC. Blackrock also updated its filings with the SEC, indicating a readiness to seed the ETF starting from October 2023. “This proactive approach from Blackrock suggests their preparedness to initiate trading promptly upon receiving approval from the SEC, further substantiating the optimistic sentiment surrounding an impending approval,” said Matteo Greco, a research analyst at Fineqia, in a morning note. The cryptocurrency was back at levels last seen in May 2022, before the Terra-Luna, Three Arrows Capital, Genesis and FTX debacles turned the mood so sour that BTC approached $15,000. Since then, Bitcoin has slowly regained its momentum, fueled by positive developments such as Blackrock’s proactive approach. The market now anticipates the approval from the SEC, which is expected to boost confidence and attract more institutional investors. With the support from prominent players like Blackrock, Bitcoin’s upward trajectory seems promising, signaling a potential recovery to its previous all-time highs and beyond. Additionally, the recent entry of major companies like PayPal and Square into the cryptocurrency space has further validated Bitcoin’s potential as a mainstream payment method. This increased adoption and acceptance by established financial institutions and corporations could contribute to Bitcoin’s long-term stability and growth. As a result, many investors are optimistic about the future of Bitcoin and its ability to reach new heights in the coming years.
