Square Site Map
#ContentStar#After Grayscale’s victory in court over the SEC – and the regulator’s decision not to appeal the result – the drive for Bitcoin ETFs has increased.
The SEC Changes Its Tune
JPMorgan and Bloomberg Intelligence indicated that all signs pointed toward a Bitcoin ETF approval by the end of January 2024. Meanwhile, SEC Chairman Gary Gensler confirmed that he and his team were taking a look at about 8 to 10 separate ETF proposals and engaging with the companies behind them.
This change of pace was confirmed by Cathie Woods and Mike Novogratz. Both investors have already made Bitcoin ETF proposals, and both have reported an increase in constructive dialogue with the regulator following the Grayscale court case.
These signs pointed to a possible batch approval – or refusal – of ETF proposals. However, one ETF has made a sudden appearance on a stock market-linked corporation, which a Bloomberg analyst has singled out as a key milestone in government approval.
iShares Listed By DTCC
Eric Balchunas, Bloomberg’s Senior ETF Analyst, recently pointed out that Blackrock’s iShares Bitcoin Trust has been listed on the Depository Trust And Clearing Corporation’s website with the ticker iBTC.The DTCC, which works closely with governments worldwide, is the corporation in charge of clearing NASDAQ trades. Although this listing does not guarantee approval by U.S. regulators, it shows that Blackrock is quite confident in the future of its proposed fund.
Blackrock’s Bitcoin ETF CUSIP was also spotted by financial lawyer Scott Johnson, along with an amendment to Blackrock’s paperwork that indicated Blackrock has already started providing seed capital for the fund.A CUSIP is an identification number assigned to equity, debt, and other securities-registered bonds in the U.S. and Canada and is used to distinguish securities from each other.
Balchunas acknowledged Johnsson’s catch while warning readers to refrain from reading too much into it too early.If Blackrock’s ETF ends up being approved within the next few weeks, the SEC will probably pronounce itself on the fate of the other ETFs in roughly the same time period Crypto Traders Lean Bearish as Bitcoin Hovers Above $26K; DOGE, XRP Dip Most Among Majors
While bitcoin is currently in a consolidation period, an analysis of past cycles suggests that gains can be expected after 2024’s halving event, one data firm said.
Bitcoin (BTC) watchers are learning Bearish in the short term term but expect prices to pick up once the anticipated halving event is complete in 2024, with expectations of a consolidation period until then.
The industry’s oldest asset saw a tepid weekend marked by price stability and low volumes, nearing the $26,000 level, losing 1.7% in the past 24 hours.
Major tokens such as XRP and dogecoin (DOGE) led declines, with drops of 4% in the past 24 hours. Ether (ETH) fell 0.9%, outperforming the general market, as the CoinDesk Market Index (CMI), a broad-based tracker of hundreds of tokens, slumped 1.1%.
Aptos's APT, Chainlink’s LINK and gaming platform ImmutableX’s IMX were the only tokens in the green, rising as much as 6% on various growth – And fack – catalysts.
Analysts at trading firm FxPro told CoinDesk in a note they remain bearish for the next few weeks, expecting prices to reach as low as $23,000 amid the general lack of interest in trading riskier assets and the absence of market-moving catalysts.
However, there’s still hope for bulls. On-chain data platform CryptoQuant published in a weekly note that bitcoin's recent price performance closely resembled past cycles, suggesting that the asset was “likely to remain in a consolidation phase until the 2024 halving event” but hinted at a “significant price increase after the halving.”
“This assessment is supported by various long-term valuation metrics, including logarithmic growth curves,” analysts at CryptoQuant wrote. “There’s also the realized cap of short-term user transactions (UTXOs), which indicates under-valuation and the absence of widespread retail speculation, reinforcing the potential for future price growth.” #BTC #dogecoin #xrp #coindesk# 
