Bitcoin Surges Past $34,000 as BlackRock’s ETF Approval Looms
Bitcoin’s Swift Surge
Bitcoin’s value soared past $34,000 on Monday, marking a substantial 14% rise within a single day. This surge is credited to renewed interest in spot ETF approvals and increased trading volumes. Analyst Scott Johnson suggests that investment giant BlackRock is on the verge of seeding its spot ETF product.
BlackRock’s Impending ETF Launch
Eric Balchunas, a Bloomberg analyst, clarified that seeding involves infusing initial capital into ETF shares for open market trading. The swift price climb left the cryptocurrency community surprised, with Autism Capital seeking insights from their large follower base. The unexpected event prompted curiosity and speculation among Bitcoin enthusiasts.
Bitcoin STX Surges Amidst ETF Anticipation
On Tuesday, Bitcoin’s Layer-2 Stacks (STX) experienced a 13% surge, with trading volume rising by 230% to $165 million. Trading primarily took place on Binance, KuCoin, and Coinbase. This surge coincides with Bitcoin reaching $34,883 for the first time since May 2022, fueled by the anticipated approval of spot Bitcoin ETFs.
BlackRock’s Confidence in ETF Approval
BlackRock’s iShares Bitcoin Trust ETF appeared on the DTCC list, suggesting an imminent launch. This development indicates BlackRock’s confidence in obtaining ETF approval, considering their leading role in seeding, tickers, and DTCC listing logistics. According to Benzinga Pro, STX was trading at $0.73, up 12.15%.
Future of Digital Assets Event
This exciting development comes ahead of Benzinga’s Future of Digital Assets event in NYC, where industry experts will gather to discuss the future of cryptocurrency and blockchain technology.