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In the last 24 hours, Bitcoin has risen by more than 10% and passed the barrier 34 thousand dollars. In Brazil, the world’s leading cryptocurrency is already trading above 167,000 reais at major brokers, according to the market price index. Live coinwhich tracks the value of Bitcoin on the country’s largest platforms.
This Monday morning (23), Bitcoin started the day with a high, breaking through the USD 31,000 resistance and remaining stable throughout the day.
In the afternoon, reports emerged that BlackRock may be preparing to launch its Bitcoin ETF in October, meaning this week or next, which could have caused the digital currency to skyrocket.
Information gained power afterwards iShares Bitcoin Trust ETF by BlackRock listed Depository Trust and Clearing Corporation (DTCC) com or ticker $IBTC.
“This is the first ETF listed on DTCC, there are no others (yet)”, these Eric Balchunas, senior ETF analyst at Bloomberg, in a Twitter thread (X). “It’s certainly notable that BlackRock is leading these logistics (seeding, ticker, dtcc) that usually happen right before launch. It’s hard not to see this as a sign that the approval is certain/imminent.’
The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ transactions). And there will be a ticker $IBTC. Again all part of the ETF market process.. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0
— Eric Balchunas (@EricBalchunas) October 23, 2023
BlackRock may announce Bitcoin ETF in October
Market analysts believe that BlackRock could launch its Bitcoin ETF in October, as documents discovered on Monday afternoon (23) show that the company has identified the current month as the start of the distribution of its Bitcoin exchange-traded fund.
Eric Balchunas has shared a BlackRock document detailing the financial giant’s intention to start “seeding” a Bitcoin ETF later this month. The document shows a proactive step that suggests the ETF is ready to go public.
“BlackRock states in their recent Bitcoin ETF amendment that they will launch the ETF in October. I don’t want to read too much into it, but it’s new information that wasn’t there originally, so it’s worth noting (especially since it’s BlackRock).” said a Bloomberg analyst.
BlackRock states in their recent Bitcoin ETF amendment that they are launching the ETF in October. Don’t want to read too much into it, but it’s new information not in the original, so it’s worth noting (especially since it’s BlackRock). Scott’s big catch. https://t.co/CGBmuTJ7W0
— Eric Balchunas (@EricBalchunas) October 23, 2023
As ETF analyst Bloomberg explains, seeding an ETF is a preliminary step to launching any exchange-traded fund. While every ETF must be seeded, Eric said that this step only happens when the ETF is about to launch.
He also explains that BlackRock’s move to launch an ETF should not be interpreted as the company’s acquisition of large volumes of bitcoin. Instead, seeding is done with enough capital to get the ETF off the ground.
Is China back?
Bitcoin’s rise this Monday may also have an unexpected cause – the Chinese market, as on Friday (20) the price of Bitcoin broke the USD 30,000 barrier as China woke up.
Today, the event repeated itself, with Bitcoin taking off at 19:00 Brazil time (17:00 in the US) and 6:00 in China. Volume figures are unclear, but most of Bitcoin’s gains tonight happened again as Asia woke up.
This means that the Asian market may have been excited by the news that BlackRock’s Bitcoin ETF is about to be approved. General feeling in the industry.
Even though Bitcoin is banned in China, Chinese people use VPNs and the country is big enough to be seen on the graph. So, while BlackRock’s ETF is being touted as the main reason for Bitcoin’s rise, China may have helped a lot, as TrustNodes points out.
