Bitcoin ETF gets ticker driving funds and market price up
The push for Bitcoin ETF is leaning towards a positive conclusion for investors. Catch up on the latest news about its success amidst SEC pushback.
Bitcoin ETF gets ticker driving funds and market price up
The Bitcoin (BTC) market has been in a volatile state for a while as traders eagerly await good news. That came this week with the exchange-trade fund (ETF) for the world’s most valuable digital asset being listed in major financial institutions. BlackRock, for example, gave the asset a ticker in the proposed spot for the Depository Trust and Clearing Corp.
With this news, Bitcoin prices have gone up, almost reaching €33,000 in less than a week. This is an unprecedented price surge inspired by hopes that the Bitcoin ETF will become regulated soon. There is a lot to unpack about this new turn of events and here’s a quick rundown of the important details:
Major financial institutions are pushing for Bitcoin ETF
Gamdom has closely followed BlackRock’s attempt to file for Bitcoin ETF in June 2023. That is now nearing its conclusion because the financial institution has already submitted its proposal for a Bitcoin ETF spot to the Depository Trust and Clearing Corp.
Approval is still not guaranteed for 2023 because the US Securities and Exchange Commission (SEC) has not yet approved of it. They are still working on a framework that could properly evaluate cryptocurrency ETFs alike.
Other financial institutions joining the Bitcoin ETF trend are Invesco, Fidelity, and Grayscale who are also major players in the world’s economy. Having this many financial institutions join means that investors worldwide have access to the crypto industry. Thus, further pressuring the SEC to approve or leave the US behind economically while others benefit from Bitcoin ETFs.
Get massive payouts by playing Crash
BlackRock and Grayscale proposed spot for Bitcoin ETF
The proposed Bitcoin ETF spot was one of the biggest stories of October 2023. Essentially, BlackRock has given it a ticker ‘IBTC’ in preparation for its eventual availability for investors. Grayscale has also followed suit, starting with the conversion of their €16 billion Grayscale Bitcoin Trust (GBTC) into spot ETF.
The SEC stepped in to reject Grayscale’s decision and the Circuit Court of Appeals. A ruling was made on 24th October in favour of the financial institutions but the appeal is just a formality. Even with the final ruling, the SEC still has the prerogative to reject or accept Grayscale’s decision.
Bitcoin price surges to €33,000
What makes all of this news exciting on top of the promising future for investors is that the Bitcoin market is sensitive right now. BlackRock’s announcement of the IBTC proposal is enough to create an upward trajectory between the 13th to 25th of October. It is the highest BTC price point has been since 3rd July in 2023 at €28,553.
The last time BTC has gone above the €30,000 mark is in May 2022. Therefore, gamblers who started playing Bitcoin casino games at Gamdom in 2023 can look forward to a marginal profit in the immediate future. There will be a price correction after the October 2023 surge but not by much because there are high hopes for SEC’s approval for Bitcoin ETFs in 2024.
