Bitcoin (BTC) is experiencing a sharp surge on the 20th (local time) due to the impact of asset management firm BlackRock's application for a Bitcoin exchange-traded fund (ETF) listing.
As of 8 a.m. that day, the price of one Bitcoin rose 5.53% compared to 24 hours earlier, reaching $28,231 (approximately 36.36 million KRW), surpassing the $28,000 mark for the first time since the 29th of last month. At the same time, Ethereum also traded up 3.04% at $1,778.
The rise in Bitcoin's price that day is analyzed to be driven by expectations surrounding BlackRock's Bitcoin spot ETF listing news.
On the 15th, BlackRock applied to the U.S. Securities and Exchange Commission (SEC) for the listing of a Bitcoin spot ETF called the 'iShares Bitcoin Trust.' Although several asset management firms have applied for Bitcoin spot ETFs in the past, they failed to obtain SEC approval. However, the market is optimistic that BlackRock will succeed in the listing.
Bloomberg Intelligence stated in a report, "BlackRock's Bitcoin ETF application gives hope for approval due to the company's size, status, and reputation," adding, "BlackRock would not have made this decision lightly, and the firm is accustomed to cooperating with regulators and governments."
Analyst Eric Balchunas said, "BlackRock's move is injecting new energy into the Bitcoin ETF launch race and reigniting Bitcoin optimism."
Mike Novogratz, CEO of cryptocurrency investment firm Galaxy Digital, also stated on his social media, "Approval of BlackRock's Bitcoin ETF would be the best possible positive development for Bitcoin."
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