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 decision by the U.S. Securities and Exchange Commission (SEC).
Bitcoin (BTC) briefly topped $35,000 on Tuesday 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. It regained steam shortly after, however, 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 is yet to issue a response 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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