By Susie Violet Ward · Forbes · 24 October 2023
On 24 October 2023, bitcoin was trading at $34,240 after rising 11.5% to top $35,000, a 109% rebound for the year after the 2022 market slump. The rally was driven by expectations of the first US spot bitcoin ETF, with BlackRock and Fidelity among the applicants, after a federal appeals court formalised Grayscale’s victory over the SEC in its bid to launch a spot fund.
Eric Balchunas of Bloomberg Intelligence reported that BlackRock’s iShares Bitcoin Trust had been listed on the Depository Trust and Clearing Corporation under the ticker IBTC, saying it was “pretty much checking every box” before a launch. The previous week, bitcoin had jumped 10% intraday on false reports of approval. Bloomberg Intelligence analysts called approval “inevitable” but the timing uncertain, and Cathie Wood expected the SEC to approve all applications at once.