Bitcoin Jumps Past $25.7K After BlackRock iShares ETF Filing

Bitget App

Trade smarter

Bitget

News

Markets

Bitcoin Jumps Past $25.7K After BlackRock iShares ETF Filing

Coindesk2023/06/16 16:23

By:James Rubin

The largest cryptocurrency rose more than 1.3% in the hour after the announcement.

Bitcoin jumped past $25.700, a more than 1.3% gain, in the hour after the iShares unit of fund management powerhouse BlackRock (BLK) filed paperwork Thursday afternoon with the U.S. Securities and Exchange Commission (SEC) of a spot bitcoin () ETF.

Bitcoin dipped below $25,000 just a day earlier for the first time in three months and spent most of Thursday prior to the BlackRock announcement hovering just over that threshold. BTC's price sank amid concerns about U.S. central bank hawkishness and increasing U.S. regulatory scrutiny of the crypto industry.

But the BlackRock announcement rekindled optimism about the possibility of a spot bitcoin ETF, even after the SEC has rejected multiple applications over the past 18 months.

To be named the iShares Bitcoin Trust, the fund's assets are to "consist primarily of bitcoin held by a custodian on behalf of the Trust," according to the filing. That custodian will by crypto exchange Coinbase (COIN), said the filing.

CoinDesk reported on BlackRock's intention to soon file for a bitcoin ETF.

Edited by James Rubin.

172

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

As the new year begins, Solana is leading the market's altcoin rebound, with SOL's price serving as a "leading indicator" for the broader market. Pump.fun, the most prominent project in the Solana ecosystem, generates daily revenue of approximately 15,000 SOL (around $3.3 million), equating to nearly $100 million in monthly revenue. According to the ETF Store President and Bernstein Research analysts, spot Solana ETFs are expected to debut in the U.S. capital markets by the end of 2025, sparking high market expectations for Solana's performance that year.

Bitget VIP•2025/01/10 06:28

DOGE PEPE SHIB Price Action: DOGE’s Surge, PEPE Channel, SHIB Rally

DOGE eyes a 160% rally after rejecting key support levels. PEPE’s future hinges on maintaining its trend channel. SHIB nears critical resistance, with a breakout rally imminent.

CoinEdition•2025/01/07 16:00