Bitcoin’s Meteoric Rise: Surges Over 20% as New ETF Prospects Shine Bright

Bitcoin’s Gravity-Defying Rally: Surges Past $35,000 Amid ETF Buzz

In a remarkable turn of events, Bitcoin has once again taken center stage, surging beyond the $35,000 mark, a milestone not seen since May 2022. In the last five days alone, this digital powerhouse has catapulted itself higher, marking a staggering 20% gain.

Renowned for its wild fluctuations, it’s journey this year has been nothing short of astonishing, with its value more than doubling. The excitement among investors is palpable, driven by the tantalizing possibility of acquiring it through traditional stock exchanges, bypassing the often murky and less regulated crypto platforms (think FTX, Binance, and more).


The latest wave of enthusiasm was sparked by a significant development – the emergence of the BlackRock exchange-traded fund (ETF) for Bitcoin on a list overseen by the Depository Trust and Clearing Corp., a clearinghouse operated by Nasdaq for stocks and ETFs, as reported by Reuters.

Back in June, BlackRock initiated the registration process for a Bitcoin spot ETF, awaiting regulatory approval. With trillions of dollars in assets under management, BlackRock stands as the largest ETF provider globally. The potential arrival of a BlackRock Bitcoin ETF promises a new era of legitimacy for the cryptocurrency market.

Samer Hasn, a market analyst at online brokerage, cautions, “This listing in the DTCC does not confirm the fund’s actual launch or its inevitability. Nonetheless, it suggests BlackRock’s ongoing preparations for the ETF’s impending release.”

Notably, other companies have also sought approval to introduce similar Bitcoin ETFs, with Grayscale Investments among them. Despite the initial denial of Grayscale’s ETF application by the US Securities and Exchange Commission, a turning point emerged in August when a three-judge panel for the DC Court of Appeals overruled the regulator’s decision. The panel’s rationale was the SEC’s insufficient explanation for its rejection of Grayscale’s proposal.

This legal twist has provided a significant boost to cryptocurrencies throughout the summer.


Nevertheless, the SEC has yet to greenlight the fund, and some investors might be moving ahead of the regulatory curve.

Samer Hasn observes, “I believe these rapid Bitcoin surges are somewhat exaggerated. Regulatory and legislative uncertainties continue to cast a shadow over this market, and I foresee these concerns persisting as legal battles unfold.”

However, there’s another compelling factor contributing to it’s ascent: fear. In times of economic uncertainty, investors seek diversification, and, paradoxically, some turn to it as a digital sanctuary. Often hailed as “digital gold,” Bitcoin serves as a modern-day refuge for investors looking beyond conventional stocks and bonds.

In summary, Bitcoin’s recent surge, coupled with the anticipation of a BlackRock Bitcoin ETF, has propelled the cryptocurrency into the spotlight once more. Despite the regulatory hurdles and potential challenges ahead, Bitcoin continues to hold its allure as a digital safe haven, attracting investors seeking resilience in unpredictable times.


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