- Bitcoin, which has been showing incredible resilience on Wednesday, seemed intent on continuing its impressive rally that began earlier this week.
- One of the significant factors supporting Bitcoin’s resurgence is the news that BlackRock’s iShares Bitcoin Trust was relisted on the Depository Trust & Clearing Corporation (DTCC) on Monday.
- Another factor contributing to Bitcoin’s recent rise is believed to be victories in the crypto sector regarding the U.S. Securities and Exchange Commission (SEC), particularly in the ongoing Ripple case.
Bitcoin price started a big rise with BlackRock ETF news and developments in the Grayscale and Ripple case: Can it continue?
Bitcoin’s Price Has Kicked Off an Important Rally This Week
Bitcoin, which showed incredible resilience on Wednesday, appeared determined to continue its impressive rally that began earlier this week. Notably, the leading cryptocurrency in terms of market value saw a rise on Tuesday, reaching $35,000 for the first time in about 17 months, creating waves of optimism in the crypto community. This significant momentum was being driven by major developments in the cryptocurrency space.
One of the significant factors supporting Bitcoin’s resurgence is the news that BlackRock’s iShares Bitcoin Trust was relisted on the Depository Trust & Clearing Corporation (DTCC) on Monday. However, it was clarified today by a DTCC spokesperson that, in fact, the ETF had been listed on the DTCC since August.
In addition to the BlackRock development, the crypto community believes that the U.S. Securities and Exchange Commission (SEC) is involved in evaluating Grayscale’s spot Bitcoin exchange-traded fund (ETF) application, which is a source of positive momentum. Particularly, a directive issued by the Washington, D.C. Circuit Court on October 23, 2023, stated that the SEC should reevaluate Grayscale’s ETF proposal. This directive has put the SEC in a bind, forcing them to either approve Grayscale’s proposal or provide alternative reasons for denial.
During this confusion, Grayscale CEO Michael Sonnenshein expressed his determination to navigate the challenging regulatory environment. In a tweet posted on Tuesday, he stated, “Investors are showing more interest in diversifying beyond Bitcoin and Ethereum, frequently turning to us for guidance in better understanding this resilient and evolving asset class. We are solidifying our specialized approach with Grayscale Crypto Sectors.”
Ripple Victory Ignites Bitcoin’s Rise
Another factor contributing to Bitcoin’s recent rally is the victories the crypto sector has achieved against the SEC, particularly in the ongoing Ripple case. On October 23, 2023, Judge Analisa Torres issued an order officially dismissing the case against Ripple executives Brad Garlinghouse and Chris Larsen. This came after the charges against the duo for allegedly selling XRP tokens were dropped last week.
Therefore, while Bitcoin continues to make headlines with its impressive price performance, the crypto community continues to closely monitor significant events that could impact the market.
In particular, Bitcoin’s recent surge placed its price above the key support level around $31,700. It is likely that the price will revisit this region before forming new highs. According to crypto fund manager Dan Tapiero, the $25,000 support level stands ready to support Bitcoin’s move into the $35,000 to $45,000 range in the near future. This positive outlook is supported by a 2% Consumer Price Index (CPI) while laying the groundwork for Bitcoin to reach new highs in 2024 as interest rates fall.
