Bitcoin surged by 16.42% on Monday with Ethereum up +8.46% with other cryptocurrency like MINA up +109%. Bitcoin also printed a NEW 2023 High and tested the $35,200 level. The Total Crypto Market Cap also reached $1.27. There are many reasons for the Bitcoin surge
OCTOBER IS ONE OF THE MOST BULLISH MONTH?
October also called as ‘Uptober’ in crypto has been on of the most bullish months historically, crypto investors speculate it to be one of the best performing months!
Bitcoin Past performance in October
2020 – 27.7%
2021 – 39.93%
2022 – 5.56%
2023 – 25.55% so far
Statistically Bitcoin has stayed strong in the month on October.
BlackRock Spot ETF Approval Soon ??
BlackRock is the world’s largest asset manager. BlackRock has taken a substantial step toward launching a Bitcoin Exchange-Traded Fund (ETF), as evidenced by the appearance of its iShares Bitcoin Trust (IBTC) on the Depository Trust and Clearing Corporation (DTCC) website.
This move marks IBTC as the first proposed spot Bitcoin ETF on DTCC, a financial powerhouse handling trillions of dollars in daily transactions.
The momentum behind BlackRock’s Bitcoin ETF approval gained traction following an October 18 amendment to its original proposal. This updated filing, which included a crucial CUSIP identifier for North American securities, indicated BlackRock’s active engagement in the cryptocurrency market. The firm also hinted at the purchase of seed creation baskets for the ETF in October, pending certain conditions.
While these purchases may be in relatively modest amounts, they signify BlackRock’s strategic move into the realm of cryptocurrency investments.
This development aligns with a broader trend observed among investment firms. Entities like Ark Invest and 21Shares have recently updated their Bitcoin ETF applications, reflecting ongoing discussions with regulatory authorities such as the SEC. Notably, Grayscale, a major player in the cryptocurrency investment space, is also making progress by registering shares of its existing Bitcoin Trust under the Securities Act of 1933, with plans to transition it into an ETF.
Market analysts and legal experts interpret these developments as strong indicators that the approval of Bitcoin ETFs could be on the horizon. BlackRock’s proactive steps are particularly bullish, signaling a positive sentiment within the market. This optimism is underscored by recent legal rulings, including the DC Circuit Court’s critique of the SEC’s rejection of Grayscale’s ETF conversion as “arbitrary and capricious.”
Investors have responded positively to these developments, driving Bitcoin’s price up by 6% in the last 24 hours. Currently, Bitcoin is trading at approximately $31,600, reflecting the market’s enthusiasm for the potential approval of Bitcoin ETFs and the increasing acceptance of cryptocurrency in mainstream finance.