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Bitcoin Surges Above $35,000 For The First Time In Nearly 18 Months Amid Expectations Of Bitcoin ETF Approval

Crypto markets rally amid potential approval of Bitcoin ETFs by BlackRock and Grayscale. As Bitcoin crosses $35,000, SEC is pushed to reconsider Grayscale's proposal while BlackRock's iShares Bitcoin Trust appears on DTCC's list, signaling a possible launch.

Overview

  • Bitcoin's price surged above $35,000 for the first time since May 2022, amid expectations of approval for BlackRock and Grayscale's Bitcoin ETFs.
  • If approved, the ETFs could allow investors to directly gain exposure to Bitcoin without having to own it, potentially driving up demand.
  • The SEC's previous rejections of Grayscale's ETF were ruled as flawed by a federal court, setting the stage for a reconsideration.
  • The listed ticker for BlackRock's proposed spot Bitcoin ETF briefly appeared on a financial clearing house website, fuelling speculation about an imminent launch.
  • Growing institutional interest in Bitcoin is noted, with record surges in Bitcoin futures on the Chicago Mercantile Exchange.
  • BlackRock's ETF briefly disappeared from the DTCC site and the Bloomberg terminal, leading bitcoin's surge past $35,000 to temporarily dip.