The following article, Bitcoin ETF Progress Boosts Cryptocurrency Market Amidst Soaring Prices, was first published on Flag And Cross.
Major cryptocurrencies recently skyrocketed on Sunday evening, thanks to Bitcoin’s phenomenal performance throughout the week. It all started when Bitcoin exceeded $31,000 on Monday. But it didn’t stop there. Bitcoin’s price continued to soar, reaching $32,000 and even $34,000 all in one day.
What Happened: The world’s largest asset manager, BlackRock, is making progress in preparing its proposed bitcoin ETF, as experts in the industry have identified positive indicators that such products may be approved. BlackRock’s upcoming iShares Bitcoin Trust is now featured on the Depository Trust and Clearing Corporation (DTCC) website.
The fund’s ticker symbol is IBTC, as indicated in the listing. While these recent developments do not guarantee approval, they do reflect a certain level of confidence in the SEC eventually granting permission.
Bloomberg Intelligence senior analyst Eric Balchunas recently shared that IBTC is a groundbreaking spot bitcoin ETF that is poised to be listed on DTCC. For those unfamiliar, DTCC is a big player in the financial market infrastructure, processing trillions of dollars in securities transactions on a daily basis. In particular, one of DTCC’s subsidiaries, the National Securities Clearing Corporation (NSCC), offers a streamlined process for clearing ETFs.
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
The recent rallies at the beginning of the week are believed to be a result of the growing excitement surrounding the potential approval of Bitcoin spot ETF applications by the Securities and Exchange Commission.
In an interesting development, a judge in Washington, D.C. has officially instructed the SEC to reevaluate the long-delayed and litigated spot Bitcoin ETF application from Grayscale. This comes after the regulatory agency failed to respond to an earlier court inquiry.
The global crypto market cap currently stands at $1.24 trillion, reflecting an increase of 7.22% in the past 24 hours.
The Nasdaq Composite inched higher on Monday, benefiting from a retreat in Treasury yields and the anticipation of earnings reports from tech industry leaders. The S&P 500 dipped by 0.17% to 4,217.04.
The 10-year Treasury note yield briefly surpassed the significant 5% level before easing back down, currently trading at approximately 4.85%.
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Pseudonymous crypto analyst Pentoshi predicts that the upper purple box will act as support for the price of Bitcoin. According to the analyst, it is crucial for the price to avoid closing below the support level, unless there is a deviation, which seems unlikely.
“$40-42k is very likely now that we are in the old range from 2021. Bitcoin tings”
Key things: The upper purple box should act as support.
Do not want to see price closing below that OR it can be a deviation. I find this unlikely
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) October 23, 2023
Pseudonymous analyst CrediBull has a simple message for you: “Don’t overcomplicate it.” According to CrediBull, the path is clear for Bitcoin until it reaches the $40k mark.
Don’t overcomplicate it. It’s basically open air till 40k. Maybe then we get a pause but even that won’t last very long imo. $BTC
— CrediBULL Crypto (@CredibleCrypto) October 23, 2023
Santiment, the on-chain analytics platform, has observed some wild moves this week. One standout performer among the top 300 market cap assets is the mighty KyberNetwork with a remarkable rise of 27%. But that’s not all! Several other assets have witnessed significant spikes in address and whale activity, reaching levels not seen since 2023. These assets include the likes of $AAVE, $LINK, $CHZ, $FTM, $INJ, $LDO, and $SNX.
📈 In a wild start to the #crypto week, @KyberNetwork $KNC (+27%) has stood out as a major riser among top 300 market cap assets. In terms of address & whale activity spikes, assets seeing 2023-high levels of #onchain activity include $AAVE, $LINK, $CHZ, $FTM, $INJ, $LDO, & $SNX. pic.twitter.com/bj4dPnpiSr
— Santiment (@santimentfeed) October 24, 2023
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