Solomon Samuel 
Bitcoin (BTC), the largest cryptocurrency in the world, has had a massive 12% breakout, reaching a new peak of $35,000 in 2023. With this development, Bitcoin’s year-to-date gains have increased to greater than 100 percent.
BlackRock’s iShares Bitcoin Trust has recently been listed on the DTCC (Depository Trust and Clearing Corporation). In addition, the asset management titan intends to introduce its iShares Bitcoin ETF by the end of the month.
All of this indicates progress toward the listing of the first Bitcoin spot ETF in the United States in the coming months. Bitcoin is trading 12.14% higher at $34,449 with a market cap of $670 billion at press time.
Within the last 24 hours, Bitcoin’s market capitalization has increased by nearly $100 billion. The prospect of a bitcoin exchange-traded fund (ETF) has increased in light of recent news.
This includes the recent development that the U.S. Securities and Exchange Commission will not appeal a court ruling finding that its denial of Grayscale Investments’ application was arbitrary.
On Monday, October 23, a federal court in the United States ordered the SEC to review Grayscale’s spot Bitcoin ETF application.
Elliott Stein and James Seyffart, analysts at Bloomberg Intelligence, believe that the approval of a Bitcoin spot ETF is virtually certain, with multiple funds expected to receive approval, although the precise timing remains uncertain.
Justin d’Anethan, manager of business development in the Asia Pacific region at crypto market maker Keyrock, commented on the development, stating that the recent movement of Bitcoin and the broader crypto market has been opposed to that of the U.S. equity market.
“Liquidity is somewhat better than before. Prices have now recuperated and with it a certain amount of liquidity — still nothing compared to the euphoria of 2020-2021, though.”
The tumultuous bond market caused a 200-point correction in the Dow Jones on Monday. BTC is exhibiting hedge-like behavior by reversing its trajectory.
