Intense speculation surrounds the potential approval of BlackRock's Bitcoin Exchange Traded Fund (ETF) as the crypto market navigates through a roller-coaster ride of sudden price movements. The volatility implies a market on edge, eagerly anticipating a U.S. Securities and Exchange Commission (SEC) decision.
Bitcoin (BTC) briefly topped $35,000 on Tuesday, Oct. 24, in the wake of the appearance of BlackRock's iShares Bitcoin Trust (IBTC) ticker on the Depository Trust & Clearing Corporation's (DTCC) website. This may have been compounded by the fact that yesterday, BlackRock submitted new filings suggesting the possibility of seeding a spot Bitcoin ETF as early as October.
However, the optimism was short-lived as BTC's value plummeted by over 3% from its peak near $35,000 after the IBTC ticker was scrubbed from the DTCC site. However, it regained steam shortly after and was trading at $34,013 at press time.
The sudden and erratic price movements at each small development may signal a market on the edge as it eagerly anticipates SEC approval. This speculation is bolstered by data from the Chicago Mercantile Exchange (CME) that show a new high of $3.4 billion in open interest for Bitcoin futures on Monday, indicative of growing institutional interest in the digital asset.
However, the SEC has yet to respond to the developments, and BlackRock has declined to comment as well. This leaves the industry in suspense, guessing the SEC's next move.
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