Bitcoin With the influence of new demand expectations for exchange-traded funds, it continued its upward trend and reached the highest price since May last year.
The largest digital asset rose as much as 11.5% in recent hours, surpassing $35,000, before paring back some of its gains and was trading at 33,918 at 7:25 a.m. in London this Tuesday. to get better So far this year, digital assets are down 105% since 2022.
Possible approval in coming weeks First Bitcoin Cash ETF in the US It fuels speculative excitement for the token. Asset managers BlackRock Inc. and Fidelity Investments are among the companies competing to offer such products. Digital asset enthusiasts argue ETFs will expand the market cryptocurrency adoption.
Beat moves up to SEC
On Monday, the US federal appeals court also issued a formalization decision. Victory for Grayscale Investments LLC He attempted to create a Bitcoin Cash ETF over objections from the U.S. Securities and Exchange Commission.
The SEC has so far not allowed ETFs to invest directly in Bitcoin, citing risks such as fraud and manipulation in the underlying market. The court’s decision and the snowballing applications of investment leaders to launch cash funds further fueled the market. Speculation that the agency will give up.
Bloomberg Intelligence ETF analyst Eric Balchunas noted on X, the platform formerly known as Twitter, that “iShares Bitcoin Trust is listed on DTCC under the ticker symbol IBTC.”
Black RockIt operates iShares, the world’s largest asset manager. DTCC is the Depository Trust and Clearing Corp., which clears and settles in the U.S. markets.
“That doesn’t mean it’s technically approved,” Balchunas said in an interview. “This is not a fait accompli. But in practice it is tick all the boxes you need Before launching an ETF. “When we see a marquee added, it usually happens right before the launch.”
Bitcoin also rose 10% intraday early last week due to enthusiasm for the ETF. On this occasion, an erroneous report that BlackRock had received approval to launch a fund caused the move, and once the error was realized the streak cooled.
EthereumThe second largest token, .com, followed in Bitcoin’s footsteps this Tuesday, surging 6% to over $1,800. Smaller coins like BNB, XRP, and meme crowd favorite Dogecoin initially rose sharply before moderating.
Data from Coinglass shows that approximately $387 million in crypto trading positions were liquidated in the last 24 hours, primarily from speculators betting on low prices.
Cryptocurrency siege
The SEC has already permitted ETFs that hold Bitcoin and Ether futures. However, the institution generally intensified its pressure. cryptocurrencies after last year’s market crash and boom FTX exchange bankruptcyIts co-founder, Sam Bankman-Fried, is on trial for fraud.
Bloomberg Intelligence analysts Elliott Stein and James Seyffart wrote, “Approval of Bitcoin Cash ETF It seems inevitable” and although the timing remains uncertain, it is likely that a group of funds will be given the green light.
Bitcoin continues below maximum Almost $69,000 (also its historical high) during the 2021 pandemic period is under pressure from rising interest rates, which affects the demand for risky assets. The token’s correlation with assets such as stocks, bonds and gold has decreased recently, raising questions about whether traditional investors are getting ripped off.
” liquidity Justin d’Anethan, head of business development for Asia Pacific at crypto market maker Keyrock, said: “Prices have now recovered and with that some liquidity, but it’s nothing compared to the euphoria of 2020-2021.” .