Bitcoin price nears $35,000 after BlackRock’s iShares BTC trust listing on DTTC and Grayscale victory upheld
- Bitcoin price shattered past the critical level of $31,777 to record an intra-day high of $34,741 after a 17% surge on October 23.
- The surge came on the back of bullish news concerning BlackRock and Grayscale amid ongoing mania relating to ETFs.
- With BTC printing a massive green candle, panic travels deep into the hearts of sidelined bulls hoping to buy lower.
Bitcoin (BTC) price is highly bullish, pumping hard after shattering a critical weekly resistance. The rise has seen the flagship cryptocurrency breach key resistance barriers to bring the highly bullish target of $35,000 in sight.
Bitcoin price test of $35,000 level forthcoming
Bitcoin (BTC) price recorded a 17% surge in 24 hours to hit an intra-day high of $34,741 on October 23. This was before a quick pullback to the current price of $32,914, with prospects for more gains as the Relative Strength Index (RSI) continues to show rising momentum. Increased buying pressure could see BTC extend a neck high to tag the $35,000 psychological level.
BlackRock iShares Bitcoin Trust listed on DTCC
The hard pump for Bitcoin price comes on the back of two pivotal developments around BlackRock and Grayscale. Both events have tipped the scale further in favor a spot Bitcoin ETF to launch soon.
In a recent report by ETF specialist Eric Balchunas, iShares Bitcoin Trust has been listed on the Depository Trust & Clearing Corporation (DTCC). This is the body that clears Nasdaq trades. The BlackRock product has been dubbed “IBTC” with Balchunas acknowledging that the process of bringing ETF to market continues to strengthen.
It comes after BlackRock indicated in their recent spot Bitcoin ETF amendment that they would be seeding the ETF in October. Notably, seeding an ETF is when initial funding is provided (typically) by a bank or broker-dealer used to purchase a few creation units (in this case BTC) in exchange for ETF shares that can be traded in the open market on the first day.
Meanwhile, reports have also indicated that Grayscale's victory has been upheld after the court ruled in favor of the investment firm over the SEC, asking the commission to review the BTC ETF application.