Bitcoin Climbs To 18-Month High as BlackRock Listing Reappears
After making headlines for its potential entry into the Bitcoin (BTC) market, BlackRock appears to have triggered a crypto buying frenzy. Bitcoin and most major cryptocurrencies rallied on Tuesday, adding billions of dollars to the global crypto market cap. Meanwhile, BlackRock’s Spot Bitcoin ETF was delisted and relisted on Nasdaq.
Blackrock’s Spot Bitcoin Fund
The fund, named iShares Bitcoin Trust (IBTC), has been listed on the Depository Trust & Clearing Corporation, which manages transactions on the Nasdaq. However, this move doesn’t necessarily bring BlackRock any closer to launching a spot Bitcoin ETF. It is a first step to ensure a swift market entry upon receiving approval. Despite BlackRock’s efforts, some experts think that most spot Bitcoin ETFs will debut simultaneously.
Bloomberg’s ETF analyst Eric Balchunas stated, “But the overall point of these details not meaning much more than BlackRock getting ducks in a row is the big take away.”
Disappearing and Reappearing
Interestingly, the listing, albeit not that significant, then disappeared on Tuesday evening U.S. time, only to appear again shortly after. Eric Balchunas jumped in saying, “Yeah, look at this… Good catch, I can’t say I’m completely surprised, my guess is that BlackRock was told to wait until it’s days, not weeks or months, or they want to wait. As I said yesterday, it was surprising to see this on the list in the first place.”
Not surprisingly, the delisting sparked a dip in the market while the relisting caused the market to rally once again. The relisting reignited investor belief a Spot ETF approval was near.
Currently Bitcoin is trading at US $34,176 (AU $53,503) as data from CoinMarketCap shows. Over the past week, the top cryptocurrency by market cap gained 20% and has now reached highs not seen since 2022.
Is Crypto Spring Here?
With the current uptrend many ask themselves if the long crypto winter is finally over. Morgan Stanley recommends examining various factors, including time since the last peak, Bitcoin’s price fall, miner activities, and other technical indicators, to identify a ‘crypto spring’.
Indications point towards a shift from a crypto winter to a spring, but history doesn’t ensure future results, with external issues like regulations potentially affecting the cycle. Denny Galindo, the report’s author, emphasised the importance of understanding the market’s cyclical nature rather than predicting the optimal time to trade.