BlackRock's iShares Bitcoin Trust Listed on DTCC: Is a U.S. Spot Bitcoin ETF on the Horizon?

The crypto currency world is peaking with anticipation as BlackRock's iShares Bitcoin Trust is listed on the Depository Trust and Clearing Corporation (DTCC).

This move showcases the growing demand for a Bitcoin exchange traded fund (ETF) and the broader financial market's interest in the world of crypto currencies. The potential for a U.S. spot Bitcoin ETF, and the recent developments in the crypto currency market are causing some hype to emerge especially in the Decentralised Finance (De-Fi) world. But more on that a little later.

BlackRock, one of the world's largest asset management companies, has achieved a significant milestone by listing its Bitcoin Trust on the DTCC. The DTCC serves as the clearing house for NASDAQ trading, making this listing a huge step forward and towards introducing a spot Bitcoin ETF to the U.S. market.

It is also the first of a spot Bitcoin ETF on DTCC's list despite numerous applications submitted since June 15. The ETF which will trade under the ticker IBTC, is set to begin its seeding schedule in October 2023 (This month!). This is based on an amendment made to its filing with the U.S. Securities and Exchange Commission (SEC).

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Bitcoin Moons at News

The listing of BlackRock's Bitcoin Trust has caused speculation around the approval of a Bitcoin ETF in the United States sending the price of Bitcoin Mooning. The entire crypto currency market experienced a surge in Bitcoin prices when a Cointelegraph report announced the unconfirmed ETF approval. While Bitcoin's price initially pulled back a bit after the news was said to be false the price quickly regained ground and surged above $31,000.

Bitcoin's market price saw a 5% increase on October 23 from a week long rally and the outcomes in the SEC v Grayscale case. The U.S. Court of Appeals for the D.C. Circuit published a mandate reaffirming its ruling compelling the SEC to reconsider Grayscale's application for a spot Bitcoin ETF.

Get Ready For Bitcoin Gainz!

Grayscale's win against the SEC to convert its Bitcoin Trust into a Bitcoin ETF is a huge milestone in order to move towards a U.S. spot Bitcoin ETF. The company has also filed a new application urging the SEC to approve its entry into the race to list America's first spot Bitcoin ETF. If this is successful the US Market will grow significantly and will potentially cause Bitcoin's value will see a steady increase.

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In the above video Commissioner Hester Peirce was confused about the SEC's reluctance to approve a Bitcoin ETF In response John E. Deaton, a lawyer at Crypto-Law US, has proposed two possible scenarios. The SEC may be on the brink of approving the spot Bitcoin ETF and just keeping things under wraps. Or they are simply stalling to gather further information to be able to strengthen their case to deny the Bitcoin ETF.

Either way it is anyone's guess on what the future holds, but it is starting to look a lot better for Bitcoin ETFs.

Ethereum is Back BABY!

In other amazing news signalling the potential end to the bear market is the price increase experienced by Ethereum and the fact that it's Total Value locked in De-Fi has now reached 21.2 Billion US Dollars.

Ethereum looks set to go on a positive trend as more and more people return to invest in De-Fi.

image sources provided supplemented by Canva Pro subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services

Posted Using InLeo Alpha