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Tag: Bitcoin spot ETF

  • Galaxy Digital and Invesco Bitcoin Spot ETF Join BlackRock On The DTCC

    Galaxy Digital and Invesco Bitcoin Spot ETF Join BlackRock On The DTCC

    In a recent development, another proposed Spot Bitcoin ETF has been listed on the Depository Trust and Clearing Corporation’s (DTCC) website, becoming the second proposed Spot Bitcoin ETF to appear on the corporation’s website. 

    BTCO Joins IBTC On DTCC Website

    The Invesco Galaxy Bitcoin ETF under the ticker ‘BTCO’ recently appeared on the DTCC website, joining BlackRock’s spot Bitcoin ETF, which goes under the ticker ‘IBTC’ as uncertainty around a possible approval of these funds continues to heighten. 

    Source: DTCC website

    Many had speculated an approval was imminent when BlackRock’s IBTC was earlier listed. However, the optimism has sort of cooled off following a recent revelation by a spokesperson for the financial services company. The representative clarified that the listing of these ETFs was simply “Standard Practice” and that it doesn’t indicate any potential approval by the SEC. 

    An ETF expert had also weighed in and stated that DTCC’s listing didn’t mean anything in the grand scheme of things regarding a possible approval of Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). Going by this, the DTCC listing only suggests that these asset managers are preparing just in case they get approved by the SEC. 

    Such preparations also include asset managers BlackRock and VanEck recently revealing their plans to begin seeding for their respective funds. While such a move doesn’t guarantee that the SEC is likely to approve these funds anytime soon, it, however, shows the optimism of these firms that their Spot Bitcoin ETF will launch sooner or later. 

    Valkyrie Joins The Spot Bitcoin ETF Amendment Train

    In a post shared on his X (formerly Twitter) platform, Bloomberg analyst James Seyffart noted that the asset management firm Valkyrie had joined the “prospectus amendment train” with the latest filing of their revised Spot Bitcoin ETF prospectus. Valkyrie joins the likes of ARK Invest, BlackRock, Fidelity, and Bitwise, who have also filed amendments to their prospectus. 

    Seyffart happens to be one of those who believe that these amendments could mean something. ARK Invest was the first asset manager to amend its prospectus, which led Seyffart and fellow Bloomberg analyst Eric Balchunas to predict that the US Securities and Exchange Commission (SEC) could approve a fund as early as next year.

    Meanwhile, it is worth mentioning that the SEC has so far not said anything regarding Grayscale’s application despite the Commission opting not to file an appeal. But that could change soon as ETF enthusiast and prominent financial lawyer Scott Johnsson said that the Commission is set to have a closed meeting on November 2; its first since the Grayscale deadline expired, and one of the agenda for the meeting includes resolving litigation claims. 

    Bitcoin price chart from Tradingview.com (Spot Bitcoin ETF)

    BTC price hovering above $34,400 | Source: BTCUSD on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

    Scott Matherson

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  • Pepe Conquers The Weekend Charts With 61% Rally – Here’s Why

    Pepe Conquers The Weekend Charts With 61% Rally – Here’s Why

    Amidst the crypto market’s recent surge propelled by rumors of the Bitcoin Spot ETF approval, PEPE, a noteworthy altcoin, made a strong move by announcing the burning of over $5.5 million worth of its PEPE tokens.

    This smart decision resulted in a remarkable 30% surge within just 24 hours, propelling the value of PEPE to a two-month high. The surge in the crypto market triggered by the potential Bitcoin Spot ETF approval provided the perfect backdrop for PEPE’s strategic action, marking a significant upward shift in its value and indicating a resurgence in the altcoin space.

    PEPE’s Impressive Market Performance

    Recent data from crypto market tracker Coingecko highlights the impressive market performance of Pepe Coin. In the past week, the price of the meme coin has demonstrated an outstanding 61% surge, currently resting at $0.000001207, which marked a 0.84% gain at the time of this writing.

    This sustained upward trajectory not only underscores the coin’s resilience but also positions it as a significant player in the volatile crypto market, showcasing remarkable growth over a short period.

    Anticipations in the market for Pepe Coin suggest an imminent test of buyers’ resolve around the support level. Observers foresee a scenario where a substantial influx of aggressive purchases during a price dip could trigger a strong rebound for the Pepe coin.

    If this support indeed materializes, the coin is poised to potentially surge beyond the $0.0000019 mark. This projection not only signifies an opportunity for market momentum but also points to a critical juncture that could shape the near-future trajectory of Pepe’s value.

    The fervor surrounding Pepe, the memecoin sensation, intensified as the cryptocurrency surged an impressive 38% following the much-anticipated release of its latest updates. Notably, Pepe Coin unveiled a fresh team of advisors, marking a pivotal strategic move aimed at shaping the coin’s future trajectory.

    Total crypto market cap currently at $1.2 trillion. Chart: TradingView.com

    Amidst a week of substantial fluctuations in the crypto market, the spotlight fell on meme coins, with PEPE coin making a prominent appearance by almost doubling its value, reaching a market cap of $500.

    The Growing Appeal Of Meme Coins

    The success of PEPE coin signifies the growing influence and appeal of meme-based cryptocurrencies, which often rely heavily on online communities and social media engagement. The enthusiasm surrounding these coins is fueled by a combination of factors, including social trends, speculative trading, and the potential for quick, albeit risky, returns on investment.

    However, it’s important to note that the extreme volatility and speculative nature of meme coins can lead to unpredictable price swings and potential risks for investors.

    Elon Musk’s recent announcement regarding the incorporation of various payment methods into his platform, X, has sparked considerable interest and activity within the market. As the excitement surrounding the Bitcoin Spot ETF gradually subsided, the attention of the crypto market shifted towards meme coins.

    Specifically, the PEPE team’s decision to burn roughly 7 trillion tokens emerged as a key driver in the recent growth pattern. This strategic move significantly reduced the coin’s supply, potentially contributing to the increase in its value.

    These collective events underscore the dynamic nature of the cryptocurrency landscape, where strategic decisions and external endorsements wield substantial influence over market sentiment and value fluctuations.

    (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

    Featured image from iStock

    Yuna Rin

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  • Bitcoin Spot ETF Approval: The ‘Most Important’ Short-Term Catalyst For BTC Price? | Bitcoinist.com

    Bitcoin Spot ETF Approval: The ‘Most Important’ Short-Term Catalyst For BTC Price? | Bitcoinist.com

    The Bitcoin price has been on a mesmeric run in the past few weeks, largely due to talks of the potential approval of a Bitcoin spot ETF (exchange-traded fund) in the United States. And there has been broad commentary about what is to come for the premier cryptocurrency should the Securities and Exchange Commission (SEC) greenlight the current applications for a spot ETF.

    Cantor Fitzgerald, a prominent investment and brokerage firm, is amongst the latest entities to weigh in on the possibility and the potential impact of a Bitcoin spot ETF in the United States.

    Here’s Why Cantor Fitzgerald Thinks Bitcoin Spot ETF Will Be Approved 

    According to a Bloomberg report, Josh Siegler and Will Carlson, research analysts at Cantor Fitzgerald, are becoming “increasingly confident” that the highly-anticipated Bitcoin spot ETF would receive the approval of the SEC in the US. 

    The Cantor Fitzgerald analysts believe that the SEC, which has been reluctant to approve the Bitcoin investment product due to various market concerns, is now more likely to greenlight the modified and newly filed applications.

    The report highlighted that “a comprehensive surveillance-sharing agreement with a regulated market of significant size” might force the hands of the SEC. Interestingly, all the pending spot ETF filings appear to now include a surveillance-sharing agreement in order to detect and address market irregularities.

    Furthermore, Cantor’s analysts mentioned the recent ruling in favor of Grayscale, which overturned the SEC’s rejection of the asset manager’s proposal to convert its Bitcoin trust into an ETF. Siegler and Carlson added:

    Ultimately, the court found that the SEC failed to explain why it approved Bitcoin futures ETFs, but rejected Grayscale’s spot offering, despite substantial evidence that the two products are similar, across several regulatory factors.

    Finally, Siegler and Carlson believe “a Bitcoin spot ETF approval is the most important short-term catalyst for Bitcoin’s price.” To support this assertion, the analysts cited the latest price rally by the premier cryptocurrency, which all began with an erroneous headline that BlackRock’s ETF had been approved.

    The Cantor Fitzgerald analysts added:

    The approval of a spot Bitcoin ETF in the US will be “a bedrock moment” for Bitcoin’s long-term adoption and legitimization.

    Bitcoin Price Overview

    As of this writing, Bitcoin trades at $34,104, with a negligible 0.2% increase in the past 24 hours. The market leader has been moving mostly sideways since failing to close above $35,000 – its highest level in almost 18 months – earlier this week.

    Nevertheless, BTC has maintained a huge portion of its profit on the weekly timeframe, with a substantial 13.2% gain in the past seven days. Meanwhile, the premier cryptocurrency has jumped nearly 27% in the past two weeks, according to CoinGecko data.

    Bitcoin price thickens on the daily timeframe | Source: BTCUSDT chart on TradingView

    Featured image from iStock, chart from TradingView

    Opeyemi Sule

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  • Bitcoin Price To $39,000? Here’s The Key Level To Watch | Bitcoinist.com

    Bitcoin Price To $39,000? Here’s The Key Level To Watch | Bitcoinist.com

    Over the past week, Bitcoin price reached new multi-month highs largely due to the euphoria of the potential approval of a spot exchange-traded fund (ETF). While the recent momentum appears to have waned in the past few days, there are signs that the premier cryptocurrency may not be done just yet.

    Crypto analytics platform IntoTheBlock has offered an insight into the present action and future trajectory of Bitcoin, highlighting major levels investors might want to keep an eye on.

    This Could Happen If Bitcoin Price Closes Above $35,000

    In a post on the X (formerly Twitter) platform, IntoTheBlock shared the next Bitcoin price levels to watch out for. The on-chain data tracker stated that investors can identify where the price of BTC may be heading based on the recent buying activity recorded on-chain.

    According to IntoTheBlock’s analysis, the recent multi-month high of $35,000 is the next major resistance level for Bitcoin. On Wednesday, October 25, Bitcoin touched – albeit failed to close above – the $35,000 mark for the first time since mid-2022

    Furthermore, the on-chain analytics platform highlighted that more than 664,000 addresses bought about 340,000 BTC at the $35,000 level. If Bitcoin’s price manages to breach and stay above this mark, investors could see the market leader travel to around $39,000, where the next major resistance lies.

    On the flip side, if the current momentum continues to cool off and there is further downward movement, the BTC price could go as low as the $30,000 mark. According to IntoTheBlock, there seems to be concentrated buying activity just above the psychological price level, with nearly 1.5 million addresses purchasing 553,000 BTC around this point.

    After a memorable week dominated by the anticipation of a Bitcoin spot ETF, the Bitcoin price has been relatively quiet in the past few days. As of this writing, the premier cryptocurrency trades at $34,121, reflecting no significant price change in the past 24 hours.

    BTC’s Institutional Interest Continues To Rise

    Surging institutional interest is believed to be one of the major factors contributing to the recent positive Bitcoin price. As Bitcoinist reported earlier, BTC’s price ascent is deeply rooted in burgeoning institutional demand.

    In a separate report, IntoTheBlock has highlighted the rise of institutional interest in Bitcoin. According to data from the on-chain analytics platform, the number of BTC transactions over $100,000 surpassed 23,400 on Tuesday, October 24, marking a new high in 2023.

    Number of Bitcoin Large Transactions | Source: IntoTheBlock/X

    IntoTheBlock specifically pointed to the recent spot exchange-traded fund as the force behind the rising institutional interest in Bitcoin. The last time this metric witnessed a significant spike was in June 2023 when BlackRock filed for a BTC spot ETF.

    Bitcoin Price

    Bitcoin price trades around $34,000 on the daily timeframe | Source: BTCUSDT chart on TradingView

    Featured image from iStock, chart from TradingView

    Opeyemi Sule

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  • BlackRock spot Bitcoin ETF added to NASDAQ’s clearing agency

    BlackRock spot Bitcoin ETF added to NASDAQ’s clearing agency

    BlackRock’s iShares Bitcoin Trust has been listed on the Depository Trust and Clearing Corporation (DTCC) amid staunch demand for an ETF within the crypto industry and broader financial markets.

    The addition, although routine, highlights progress made with bringing a spot Bitcoin (BTC) ETF to U.S. markets for the first time. DTCC is the clearing house for NASDAQ trading according to ETF expert Eric Balchunas.

    Additionally, the listing on DTCC confirmed that BlackRock’s BTC fund will trade under the ticker IBTC. It is also the first spot Bitcoin ETF out of a dozen applications submitted since June 15 to appear on DTCC’s list. 

    In an amendment made to its filing with the U.S. Securities and Exchange Commission (SEC), BlackRock reportedly disclosed the seeding schedule slated to begin in October 2023. 

    Seeding refers to an ETF’s initial funding geared toward day-one trading. Bloomberg’s Balchunas noted that this amount is typically moderate. 

    SEC Chair Gary Gensler and his securities watchdog remain at the forefront of ETF conversations as the federal agency continued its application assessment, per a crypto.news report on Oct. 19.

    BTC prices previously surged beyond $30,000 on the back of an unconfirmed ETF approval announcement from crypto news site Cointelegraph. 

    While Bitcoin retraced shortly after the news was debunked, TradingView data showed that the crypto token had regained its price position above $31,000 at press time. 

    Indeed, BTC’s market price was up 5 percent on Oct. 23 following a week-long rally and final formalities in the SEC v Grayscale case. The U.S. Court of Appeals for the D.C. Circuit published its mandate reaffirming its ruling which compels the SEC to reconsider Grayscales filing for a spot Bitcoin ETF. 

    Grayscale’s victory in its bid to convert its Bitcoin Trust or GBTC into a Bitcoin ETF is widely regarded as a boon to ETF proponents. The company also filed a new application after urging the SEC to approve its punt in the race to list America’s first spot Bitcoin ETF.


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    Naga Avan-Nomayo

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  • Coinbase optimistic about US approval of Bitcoin ETF

    Coinbase optimistic about US approval of Bitcoin ETF

    Coinbase chief legal officer Paul Grewal has expressed optimism that the U.S. Securities and Exchange Commission (SEC) will soon approve a Bitcoin exchange-traded fund (ETF).

    Grewal told CNBC that he is confident in the approval of a U.S. Bitcoin ETF from the SEC “in short order.”

    Grewal’s assertion comes after a big court decision that found the SEC had no grounds to deny asset management firm Grayscale its application to turn its GBTC Bitcoin (BTC)fund into an exchange-traded fund.

    Additionally, the regulator opted not to appeal the court’s ruling, sparking speculation within the industry that Bitcoin ETF approvals were on the horizon.

    Despite ongoing legal complications involving Grayscale’s parent company, Digital Currency Group and the Gemini crypto exchange, Grewal remains optimistic about the prospect of additional Bitcoin ETFs being approved.

    The Coinbase attorney, however, did not give a specific timeframe within which he expects the approvals to be granted, instead clarifying that he expects the agency will have to fulfill its legal obligation following the court’s decision. 

    “I think that, after the U.S. Court of Appeals made clear that the SEC could not reject these applications on an arbitrary or capricious basis, we’re going to see the commission fulfill its responsibilities. I’m quite confident of that.”

    Paul Grewal, Coinbase chief legal officer

    Retail investors might find this development appealing, especially those wanting to get exposure to Bitcoin without purchasing the cryptocurrency directly from an exchange. 

    Firms like Coinbase, which is the largest crypto exchange in the U.S., are expected to benefit significantly from any ultimately approved Bitcoin ETF.

    In the interview, Grewal also shared his opinion about the ongoing trial of former FTX CEO Sam Bankman-Fried, who is facing several charges of conspiring to defraud FTX investors. The Coinbase insider stated that he is “encouraged” and “optimistic” that bad actors were being brought to book through such trials and rigorous regulations.


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    Julius Mutunkei

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