All eyes are on Bitcoin (BTC), as the industry's largest cryptocurrency rose 12.6% on the day, trading above $34,000.
The largest cryptocurrency by market capitalization soared above $35,000 late Monday, but fell back to $34,540 at the time of writing, according to data from CoinGecko.
According to CoinGlass, this is Bitcoin's highest price since May of last year, and the move led to the liquidation of short positions totaling more than $310 million in the past 24 hours.
Interestingly, the BTC Fear and Greed Index, a common indicator that measures overall sentiment towards Bitcoin, has spiked to 66, indicating that Bitcoin is now in “greed” territory. means.
Ethereum (ETH) also experienced a significant rally, reaching its highest level since August.
As of this writing, the second-largest cryptocurrency is trading at $1,830, up 10% from the day.
Meanwhile, the market capitalization of all digital assets has ballooned to more than $100 billion over the period, 9.3% above the $1.3 trillion peak since April, according to CoinGecko.
More than half of it now accounts for Bitcoin, as several important events unfolded on Monday, sparking a new wave of optimism regarding the possible launch of a Spot Bitcoin ETF.
Is a Bitcoin ETF coming soon?
Several ETF applications have gained attention recently.
The first is Grayscale's Bitcoin Trust (GBTC), which provides holders with exposure to Bitcoin through stocks. However, these stocks have recently been trading at deep discounts because holders are unable to redeem the underlying assets. Grayscale aims to solve this problem by applying to convert the trust into a full-fledged Bitcoin ETF.
The application was initially denied by the SEC, but a court earlier this month invalidated the SEC's denial, and yesterday the Commission was ordered to reconsider the application.
Another major factor in this recent surge in Bitcoin value is that BlackRocks iShares Bitcoin has been added to the list of Nasdaq-traded ETFs managed by Depository Clearing Corporation (DTCC), the world's leading financial clearing house. -The emergence of trusts.
It was just last week. BlackRock has filed an amended prospectus for its Bitcoin ETF spot application, which includes a detailed explanation of the proposed product's pricing and reporting mechanism, and which allows DTCC to issue a ticker prior to the start of actual trading. News of the listing has certainly fueled speculation that a launch is imminent.
“Since BlackRock’s Bitcoin Spot ETF ticker was listed on the Deposit Clearing Corporation (DTCC) list, rumors have been circulating that the world’s largest asset managers have already started buying Bitcoin for the fund. ” said Stefan Rust, CEO of Independent. “We may be seeing early signs of the long-awaited ‘crypto spring,’” inflation data aggregator Torfration said in his emailed statement. After years of waiting, I now have a feeling that this US ETF is the real deal. ”
Edited by Liam Kelly.
The views and opinions expressed by the authors are for informational purposes only and do not constitute financial, investment, or other advice.
