The price of Bitcoin has surged above $35,000 for the first time since May 2022, and there are several key factors driving this increase. One major reason is the anticipation surrounding the potential approval of a Spot Bitcoin ETF by BlackRock. This speculation was fueled by revelations from finance lawyer Scott Johnsson, who noted that BlackRock has obtained a CUSIP in preparation for a launch. Bloomberg’s Eric Balchunas also commented on the listing of the iShares Bitcoin Trust on the Depository Trust & Clearing Corporation (DTCC), highlighting the process of bringing an ETF to market. However, it’s important to note that there is no set timeline for approval.
Another development that has contributed to the Bitcoin price increase is the conclusion of the dispute between Grayscale and the U.S. Securities and Exchange Commission (SEC). The DC Circuit Court of Appeals ruled in favor of Grayscale, forcing the SEC to revisit its decision to decline Grayscale’s proposal to transition its Grayscale Bitcoin Trust into a spot ETF. This event suggests a potential approval of a spot ETF by the SEC. The onus is now on the SEC to either sanction Grayscale’s application or reject it based on alternative grounds. This procedural action enhances the narrative of an imminent spot ETF approval.
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