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Bitcoin Soars as BlackRock’s ETF Approval Speculation Grows

Approval, Bitcoin, BlackRocks, ETF, Grows, Soars, Speculation

“Bitcoin’s remarkable surge continues to captivate the financial world as speculation about BlackRock’s potential ETF approval adds a thrilling twist to its upward trajectory.”

Bitcoin experienced a significant surge of nearly 15 percent since Monday, raising speculations that BlackRock’s proposed exchange-traded fund (ETF) for bitcoin might be on the verge of regulatory approval. The volatile cryptocurrency reached just below $35,000 on Monday night and has remained around $34,000 for the past two days, marking its highest price in almost a year and a half.

Traders took notice of BlackRock’s iShares Bitcoin Trust appearing on the eligibility list controlled by the Depository Trust and Clearing Corporation (DTCC), which contributed to the bitcoin rally. However, the DTCC clarified that the inclusion of the proposed bitcoin ETF on the list in August was a standard practice and did not indicate any outcome regarding regulatory approval.

Approval from the Securities and Exchange Commission (SEC) for BlackRock’s bitcoin ETF would be groundbreaking, as it would enable direct trading of crypto on the traditional stock market. While the SEC has previously approved ETFs based on crypto futures, it has yet to give the green light to crypto-based spot ETFs that directly invest in crypto assets.

The prospects for the approval of such an ETF increased in late September, following a federal appeals court ruling that deemed the SEC’s denial of Grayscale Investments’ application for a spot bitcoin ETF as incorrect. This decision prompted the SEC to send Grayscale’s application back to regulators for reconsideration, without any plans to appeal the court’s ruling.

Overall, the potential approval of BlackRock’s bitcoin ETF and the court’s ruling on Grayscale’s application indicate a growing acceptance and recognition of cryptocurrencies in the traditional financial industry. These developments could have significant implications for the future of crypto trading and investment.

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