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Ethereum

Ethereum

$3,998.08

ETH 3.31%

Bitcoin

Bitcoin

$99,610.87

BTC 1.48%

Litecoin

Litecoin

$137.85

LTC 3.40%

ETH/USD:

[exchange-rates_badge amount="1" base_currency="ETH" flag_type="none" decimals="2" id="1690700525" currency_list="USD"]

BTC/USD:

[exchange-rates_badge amount="1" base_currency="BTC" flag_type="none" decimals="2" id="1690700525" currency_list="USD"]

LTC/USD:

[exchange-rates_badge amount="1" base_currency="BTC" flag_type="none" decimals="2" id="1690700525" currency_list="USD"]

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By crypto worshipper
Cryptocurrency Forensics 🚀🌑

Why is Bitcoin price up today?[2023-11-23]

Why is Bitcoin price up today?

The recent rally in Bitcoin’s price over the last week can be attributed to several factors:

Optimism Around Bitcoin ETF Approval:

The cryptocurrency markets, especially Bitcoin (CRYPTO: BTC), have experienced a boost due to optimism surrounding the potential approval of a Bitcoin Exchange Traded Fund (ETF) in the US​.

The speculation around the Bitcoin ETF has been building up, with a notable instance on October 16th when a false news report regarding the approval of a Blackrock ETF led to a brief price jump.

Financial institutions are showing increased interest in providing access to Bitcoin investing to their clients through ETFs. The expectation of a fully-fledged Bitcoin ETF in the US has significantly ramped up, with several asset managers like BlackRock and Franklin Templeton filing for a Bitcoin spot ETF. Analysts believe that the approval of such ETFs could lead to a substantial inflow of capital into the Bitcoin market, potentially boosting its price significantly​.

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Statements from Influential Figures:

A CEO managing $9 trillion in assets mentioned that this rally is just the beginning, indicating a belief in continued capital flow into the cryptocurrency market, which can instill confidence among investors.

Technical Factors:

There was a mention of Bitcoin breaking through the $30,000 barrier for the first time since mid-August, which could be considered a technical breakout, possibly triggering buying activity from traders and investors following technical analysis strategies.

Further Speculation:

According to a recent Cointelegraph article, the proposed iShares spot Bitcoin ETF by BlackRock has recently been registered on the Depository Trust & Clearing Corporation (DTCC), hinting at a possible nod from the US Securities and Exchange Commission. On Oct. 23, in a thread on X (previously known as Twitter), Bloomberg ETF specialist Eric Balchunas mentioned that the DTCC registration is a step forward in the journey of launching a crypto ETF. The iShares spot Bitcoin ETF, with a ticker identifier of IBTC, could potentially make its way to the Nasdaq stock exchange, following an application for listing and trading shares of this investment tool back in June.

Eric Balchunas stated: “This is [the] first spot ETF listed on DTCC, none of the others on there (yet),” said Balchunas. “Def notable BlackRock is leading charge on these logistics (seeding, ticker, dtcc) that tend to happen just prior to launch. Hard not to view this as them getting a signal that approval is certain/imminent.”

Balchunas theorized that BlackRock might have attained preliminary approval for the ETF listing from the SEC, or is orchestrating all prerequisites under that assumption. Given the timeline of BlackRock’s submission, the SEC has a deadline of Jan. 10, 2024, to finalize their verdict on whether to approve or reject the ETF.

US Court Puts Pressure on The SEC

The US Court’s decision regarding Grayscale’s bid for a spot Bitcoin ETF (Exchange-Traded Fund) has indeed made a notable impact in the cryptocurrency sphere, especially on the price of Bitcoin. Here’s a breakdown of the events and their implications:

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Court’s Ruling:

On Monday October 23, 2023, the D.C. Circuit Court of Appeals resolved a dispute between the U.S. Securities and Exchange Commission (SEC) and Grayscale, ordering the SEC to reconsider its rejection of Grayscale’s application to convert its Bitcoin Trust into a spot Bitcoin ETF​.

This ruling was celebrated as a significant win for Grayscale as it nudged the SEC to reevaluate its stance, which was deemed “arbitrary and capricious” in the initial rejection of Grayscale’s attempt.

Impact on Bitcoin Price:

Following the court’s mandate in August, Bitcoin’s price briefly surged by 10%, showcasing a positive reaction from the market.

On a specific day post-ruling, Bitcoin’s price spiked roughly 6%, reaching its highest level since August 17.

The legal tussle and its outcomes were closely watched by investors, as the SEC’s initial rejection had led to a price dip of around 12%, pushing Bitcoin’s price below $20,000. The optimistic outlook is that listing GBTC (Grayscale Bitcoin Trust) as an ETF could increase Bitcoin demand, thereby potentially boosting its price further​.

Future Implications:

The court’s decision not only bodes well for Grayscale but also sets a precedent for other asset management giants like BlackRock, Fidelity, and Franklin Templeton, who have similar applications pending with the SEC.

Grayscale expressed its readiness and eagerness to work constructively with the SEC to expedite the process of converting GBTC to an ETF, which reflects a positive stride towards mainstream acceptance and regulatory compliance in the crypto sector​.

 

 

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