News - Bitcoin rises 12% after good news about Bitcoin ETF
Asset manager BlackRock is apparently about to add a Bitcoin Spot ETF. The BTC price is rising in double digits.
BlackRock is officially still awaiting SEC approval for its Bitcoin Spot ETF.
However, the Spot ETF is already listed on the website of the "Depositroy Trust & Clearing Cooperation." The company handles trading for Nasdaq, among other things.
If you enter the trading abbreviation "IBTC," the ETF appears with a description: "IShares Bitcoin."
According to market expert Eric Balchunas, this should be seen as "part of the process of introducing an ETF."
The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again all part of the process of bringing ETF to market.. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0— Eric Balchunas (@EricBalchunas) October 23, 2023
The crypto market reacted extremely positively to the news. In the past 24 hours, the BTC price by 12 percent. At the time of writing, Bitcoin stands at US$34,328.
However, the U.S. Securities and Exchange Commission (SEC) has yet to give its final approval. The authority is under pressure because of numerous applications for Bitcoin ETFs.
Recently, the Cointelegraph news portal reported an endorsement in favor of BlackRock. However, this report turned out to be incorrect.
BlackRock itself recently made changes to its application. For market observers, this is a positive sign because it indicates a concrete exchange between the financial services provider and the authority.