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BlackRock’s spot Bitcoin ETF now listed on Nasdaq trade clearing firm — Bloomberg analyst.

Exchange-traded fund analyst Eric Balchunas said the addition was “all part of the process” of a crypto ETF being listed and traded and a positive sign for SEC approval.

The iShares spot Bitcoin exchange-traded fund (ETF) proposed by investment firm BlackRock has been listed on the Depository Trust & Clearing Corporation (DTCC), suggesting potential approval by the United States Securities and Exchange Commission.

In an Oct. 23 X (formerly Twitter) thread, Bloomberg ETF analyst Eric Balchunas said the DTCC listing was “all part of the process” of bringing a crypto ETF to market. The iShares spot Bitcoin
BTC

tickers down
$34,332

ETF has a ticker symbol of IBTC for a possible listing on the Nasdaq stock exchange, which applied to list and trade shares of the investment vehicle in June.

“This is [the] first spot ETF listed on DTCC, none of the others on there (yet),” said Balchunas. “Def notable BlackRock is leading charge on these logistics (seeding, ticker, dtcc) that tend to happen just prior to launch. Hard not to view this as them getting signal that approval is certain/imminent.”

Balchunas speculated that BlackRock may have already received the green light for listing the ETF from the SEC or was “prepping everything assuming so.” Based on the date of BlackRock’s application, the SEC has until Jan. 10, 2024, to reach a final decision on approval or denial of the ETF.

Should BlackRock’s application be approved, it could lead to the floodgates opening for a number of spot crypto ETF filings currently being reviewed by the SEC, including ones from ARK Investment, Fidelity and Valkyrie.

The BTCC listing followed a U.S. appellate court issuing a mandate enforcing an Aug. 29 decision that would require the SEC to review a spot BTC ETF application from Grayscale Investments. Grayscale submitted a registration statement to the SEC to list shares of its Bitcoin trust on the New York Stock Exchange Arca under the ticker symbol GBTC on Oct. 19.

BlackRock CEO Larry Fink Shares Thoughts on a Bitcoin (BTC): Bull Run Ahead?

BTC price topped $30K this week. BlackRock chief Larry Fink called it a “flight to quality” amid positive Bitcoin ETF buzz and a high-profile FTX trial in swing.

TL’DR

BlackRock CEO Larry Fink praises the Bitcoin network, citing pent-up interest in crypto and a flight to quality as drivers of the recent rally.
Confidence in SEC approval of a Bitcoin ETF is growing, reinforcing Bitcoin’s quality and mainstream adoption, as evidenced by increased stablecoin flows into Bitcoin.
The ongoing trial of Sam Bankman-Fried highlights the narrative that decentralized cryptocurrencies like Bitcoin are more reliable and of higher quality, leading to a “flight to safety” amid market turmoil and inflation concerns, as noted by analysts.

Fink’s recently gave high praise for the Bitcoin (BTC) network.

Furthermore, the CEO of the world’s largest hedge fund, with over $9.4 trillion in AUM (assets under management), said this October’s stunning Bitcoin rally is “beyond rumor.”

Fink believes the market’s recent moves to multi-month highs are about cryptocurrency’s quality as an investment:

“I think it’s just an example of the pent-up interest in crypto. We are hearing from clients around the world about the need for crypto. Some of this rally is way beyond the rumor — I think the rally today is about a flight to quality.”

Backing the BlackRock CEO’s argument while supporting Bitcoin’s safe haven thesis, spot gold prices moved in tandem with BTC this past week.

Institutions Clamor for Spot Bitcoin ETF Approval
The growing confidence among analysts that the SEC will soon approve a Bitcoin ETF helps validate Bitcoin’s quality.

That validation is especially important for mainstream and institutional adoption. But it is clearly sending a message to crypto traders. Glassnode on-chain data shows cryptocurrency markets pouring their stablecoins into Bitcoin this week.

Price of BTC in 2024$BTC

According to our Bitcoin price prediction, BTC is forecasted to trade within a price range of $ 28,017 and $ 118,346 next year. Bitcoin will increase by 321.87% and reach $ 118,346 if it reaches the higher value target for 2024.What is the Bitcoin price prediction for 2024? According to our Bitcoin price prediction, BTC is forecasted to trade within a price range of $ 28,017 and $ 118,346 next year. Bitcoin will increase by 321.87% and reach $ 118,346 if it reaches the higher value target for 2024.

🚨 Breaking News 🚨

The SEC issued a major warning after fake rumors about a BlackRock Bitcoin ETF approval! 📢

Today, the crypto world went through a rollercoaster ride due to misinformation. Reports wrongly claimed that the SEC gave the green light to a spot Bitcoin ETF from BlackRock's iShares. 😱

But here's the truth: BlackRock clarified that their ETF application is still under review, bursting the bubble. 🧐

The misinformation briefly boosted Bitcoin's price, which soared past $30,000 before taking an 8% dive. 💰

This incident shows how vulnerable the crypto market is to fake news and speculation, raising concerns about future ETF approvals. 📈

On a brighter note, experts remain optimistic, with Bloomberg analysts projecting a 90% chance of a spot Bitcoin ETF approval by January 10, 2024. 📆

BlackRock CEO Larry Fink also emphasized the growing interest in cryptocurrencies, envisioning them as a key asset for investors in uncertain economic times. 🌐

Remember, always double-check your sources and stay informed! 📚 #crypto2023 $BTC $ETC

$BTC Analyst Suggests False Bitcoin ETF News Was Market Manipulation

A popular crypto YouTuber known as Crypto Banter recently discussed how potentially fake news around a Bitcoin spot ETF approval caused a pump and dump in the Bitcoin price.

In a video posted on Oct. 16th, the host explained that news circulated early in the day that the SEC had approved a Bitcoin spot ETF by BlackRock. This news caused the Bitcoin price to surge dramatically from around $28,500 to briefly over $30,000.

However, the host revealed that the news turned out to be fake. BlackRock confirmed they did not have a Bitcoin ETF approved. The original source of the false news, Cointelegraph, later retracted and edited their story.

You might also like: BTC prices surges on false rumors of Bitcoin ETF approval

The host suggested this was a deliberate attempt at market manipulation. The fake news allowed large Bitcoin shorts to be liquidated when the price spiked suddenly. It also drew in new buyers who believed the ETF news was real.

After the truth came out, the Bitcoin price crumbled back down towards the $28,000 level again. The host called it a classic “pump and dump” move by whales with inside information spreading fake ETF approval news.

While a Bitcoin spot ETF is highly anticipated, the host cautioned viewers to be wary of unconfirmed rumors on social media. He praised his own team of researchers in the live stream chat for digging into the sources and finding the ETF approval was bogus.

Crypto Banter also suggested that if the false ETF story cannot be proven as a mistake, the host suggested Cointelegraph may face legal consequences for deliberate market manipulation. A recent tweet by Twitter sleuth ZachXBT traced the likely original source to a Telegram group.

A user in this Telegram channel posted the exact same fake news reported by CoinTelegraph 39 minutes before their tweet.After they deleted their message and account. pic.twitter.com/CP98ex56ZU

— ZachXBT (@zachxbt) October 16, 2023

$BTC $ETC

Big Week Ahead

Bitwise Bitcoin ETF SEC decision on Oct 16.
Arbitrum's Odyssey event resumes on Oct 16.
SEC's BlackRock and Fidelity Bitcoin ETF decisions on Oct 17.
Valkyrie Bitcoin Fund SEC decision on Oct 19.

Macro:
Oct 15: Empire State Mfg Index (5:30 am)
Oct 17: Core Retail Sales & Retail Sales (5:30 am)
Oct 19: Unemployment Claims (5:30 am) & Fed Chair Powell Speaks (9:00 am).
Banks Earnings, Israel/Palestine (Whole Week)

Token unlocks:

Oct 16: $FLOW - $3.23M, 0.7% supply.
Oct 17: $APE - $16.6M, 4.23% supply.
Oct 20: $AXS - $64.59M, 11.5% supply.
Oct 22: $ID - $3.41M, 6.46% supply.

Disclaimer: Includes third-party opinions. No financial advice.

Bitcoin (BTC) Witnesses Unusual $120 Million Transaction Activity on 15 October.

In significant development, crypto market experienced surge of activity with Bitcoin (BTC) seeing unusual $120 million in transaction volume, shedding light on nuances of market dynamics

In a surprising turn of events, the cryptocurrency market experienced significant activity today, with a total of $120 million worth of Bitcoin (BTC) being transferred across major exchanges

According to reports from Whale Alert, the day commenced with a substantial transaction of 2,818 BTC, equivalent to $75.8 million, sent to the prominent U.S. exchange Coinbase. Shortly after, another major transfer unfolded as 1,630 BTC, valued at $43.82 million, was withdrawn from the Bybit exchange.

Delving into the details behind these transactions, on-chain data analysis provides intriguing insights. The sender address involved in the Coinbase transfer had withdrawn the same amount of Bitcoins from a hot Coinbase wallet earlier in the week, holding them for four days before returning them. This pattern suggests internal operational activities within the exchange, possibly optimizing the storage of BTC reserves through the utilization of a new, previously undisclosed wallet.

Similarly, the 1,630 BTC withdrawn from Bybit traced back to the exchange's known cold wallet address, "bc1qs," which currently holds a staggering 34,231 BTC, equivalent to $918.93 million.

So, these transfers did not impact the market directly, as the Bitcoins did not enter circulation. However, the substantial sums highlighted by Whale Alert might have inspired other market participants to consider buying or selling BTC.

News source;
Read more on U.Today https://u.today/bitcoin-btc-witnesses-unusual-120-million-transaction-activity-today

JPMorgan sees $20 billion opportunity for bitcoin miners

In a new research report, the banking giant predicted a major revenue opportunity for the bitcoin mining industry.

A new report from JPMorgan detailed the firm’s latest outlook for the bitcoin mining sector as the industry faces record competition for bitcoin rewards, an upcoming halving event and growing institutional interest.

“The bitcoin mining industry is at a crucible moment as management teams (and investors) weight the prospects of a bitcoin ETF, which may catalyze a rally, against record hashrate increases and the looming block reward halving that threaten industry revenues and profitability,” according to the report, an excerpt of which was shared by CleanSpark Co-Founder S. Matthew Schultz.

This “crucible moment” for the industry has led the researchers to initiate coverage on a slew of publicly-traded bitcoin miners. The researchers said they will be following and offering investment recommendations on CleanSpark, Marathon Digital, Riot Platforms and Cipher Mining.

Bitcoin Miners Have A $20 Billion Opportunity
The research report also offered an estimate of the value of bitcoin’s four-year reward cycle, the period of time between reward halvings.

At current bitcoin prices, we size the four-year block reward opportunity, which is consistent with the capex cycle, at $20 billion,” the researchers wrote. “For context, this figure peaked at roughly $73 billion in April ’21 and has fluctuated between $14 billion and $25 billion over the past year.

JPMorgan Sees A Bitcoin Price Rally
The researchers noted that the market cap for the 14-largest publicly-traded miners in the U.S. — which collectively account for about 25% of the total computing power dedicated to the bitcoin network by all miners around the world represents 36% of that four-year block reward opportunity, or about $7.2 billion.

Because the three-year historic average for this public miner market cap is closer to 25% of the reward opportunity, the researchers see this as “seemingly reflecting a bitcoin rally.

Mining Countries & Their Renewable Electricity Mix.

Button for part 1: Top 10 Bitcoin Mining Countries and Their Renewable Electricity Mix
Button for part 2, Can Bitcoin be a source of sustainable heat?
Button for part 3, Mapped: the most sustainable countries in which to mine Bitcoin
Infographic showing the top 10 countries for Bitcoin mining, led by the U.S. Kazakhstan, and China, and their renewable electricity mix. Only China, Canada, Germany, and Ireland had renewable mixes above the global average of 30%.
Top 10 Bitcoin Mining Countries & Their Renewable Electricity Mix
Bitcoin miners use an estimated 348 terawatt hours of electricity per year, and with the world increasingly moving to renewables, some are asking the question: just where does Bitcoin get its electricity?

To answer that question, we partnered with HIVE Digital to visualize data from the Cambridge Centre for Alternative Finance and Ember, a climate-oriented energy think tank, to look at the Bitcoin network’s electricity mix.

This is part one in our How Green is Bitcoin? series, which examines the cryptocurrency’s sustainability.

The World According to Bitcoin
The top 10 countries for Bitcoin mining represent 93.8% of the entire network by hashrate—a measure of computational power—with the U.S., China, and Kazakhstan rounding out the top three. Together these three countries hosted nearly three-quarters of the network at the end of 2021.

Country Hashrate (%) Renewable (%)
U.S. 37.8% 22.5%
China 21.1% 30.2%
Kazakhstan 13.2% 11.3%
Canada 6.5% 69.7%
Russia 4.7% 18.5%
Germany 3.1% 43.0%
Malaysia 2.5% 19.1%
Ireland 2.0% 38.6%
Singapore 2.0% 2.4%
Thailand 1.0% 15.5%
Rest of the World 6.3% 30.1%
Source: Hashrate (%): Cambridge Centre for Alternative Finance as of December 2021; Renewable (%) Ember, as of 2022.

The U.S. Securities and Exchange Commission (SEC) will not appeal a recent court ruling that found it was wrong to reject an application from Grayscale Investments to create a spot bitcoin exchange-traded fund (ETF), said a source familiar with the matter.

The District of Columbia Court of Appeals in Washington in August ruled that the SEC was wrong to reject Grayscale's proposed bitcoin ETF, in a case that has been closely watched by the industry which has been trying for a decade to advance such products.

The SEC's decision not to appeal likely paves the way for the agency to review Grayscale's application.

A spokeswoman for Grayscale did not immediately provide comment.

A spot bitcoin ETF would give investors exposure to the world's largest cryptocurrency by market capitalization without having to own it. The SEC has denied all spot bitcoin ETF applications, including Grayscale's, on the grounds applicants have not shown they can protect investors from market manipulation.

Grayscale sued the SEC, arguing that because the agency previously approved certain surveillance agreements to prevent fraud in bitcoin futures-based ETFs the same setup should be satisfactory for Grayscale's spot ETF, since both spot and futures funds rely on bitcoin's price.

The appeals court ruled that the SEC arbitrarily denied Grayscale's application because it never explained why the two arrangements were materially different.

The appeals court is expected to issue a mandate specifying how its decision should be executed, which will likely include instructing the SEC to revisit Grayscale's application.

Several other asset managers, including BlackRock (BLK.N), Fidelity and Invesco, have similar filings pending with the SEC for a spot bitcoin ETF. The SEC is due to decide on those applications by next year at the latest.

The SEC's press office did not immediately provide comment.

Spot ETF next deadline for approval is in October around the 16th! Main thing is that every low iq is getting bullish on this,
This is not going to happen anytime soon,
There are many reasons.
✅ Regulations are not ready.
✅ Technical loopholes to identify the AML infrastructure is important.
✅ Ongoing war has also provided an excuse.
There are so many other logical reasons SEC can provide. So hold your horses, save your funds, keep your eyes, i will update you soon. #dyor

#bitcoin #Blackrock

Standard Chartered raises its Bitcoin price forecast to $120,000 by 2024 with potential to reach $50,000 this year.

Ethereum is predicted to touch $8,000, with a long-term potential between $26,000 to $35,000.

According to recent Reuter updates, the renowned British banking giant, Standard Chartered, predicts Bitcoin to potentially reach $50,000 this year and soar up to $120,000 by the end of 2024. This optimistic projection comes after the bank’s previous prediction of $100,000 for Bitcoin by 2024.

Factors Pushing Bitcoin’s Value
One of the pivotal reasons behind the bank’s bullish forecast is the recent behavior of Bitcoin miners. Geoff Kendrick, one of Standard Chartered’s leading FX analysts, emphasized that as the profitability per Bitcoin mined increases, miners could choose to retain more of their supply. By doing so, they would naturally reduce the net Bitcoin supply available in the market, thus pushing its prices higher. Kendrick estimates that miners who currently sell 100% of their new coins might reduce this to a mere 20-30% if Bitcoin hits the $50,000 mark.

Reducing Bitcoin Supply
Further supporting this argument, Kendrick highlighted that if miners decide to reduce their selling habits, it would significantly diminish the amount of Bitcoin being sold daily. The implications of this would be a reduction in the net Bitcoin supply by roughly 250,000 bitcoins annually. Also, come next April or May, the daily Bitcoin mining capacity is set to decrease by half due to its inbuilt supply and issuance mechanism, which is aimed at maintaining Bitcoin’s appeal and scarcity.

Ethereum’s Conservative Projection

On the Ethereum front, Kendrick’s projection of $8,000 is deemed conservative. He believes that several potential use cases of Ethereum, which could further boost its value, haven’t yet been fully realized. This provides a foundation for his long-term target ranging from $26,000 to $35,000 for Ethereum.

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C P I DATA 👇
Latest US CPI Inflation Update Over the past 12 months

📆 Sept. '22: +8.2%
📆 Oct. '22: +7.7%
📆 Nov. '22: +7.1%
📆 Dec. '22: +6.5%
📆 Jan. '23: +6.4%
📆 Feb. '23: +6.0%
📆 March '23: +5.0%
📆 April '23: +4.9%
📆 May '23: +4.0%
📆 June '23: +3.0%
📆 July '23: +3.2%
📆 Aug. '23: +3.7%
📆 Sept. '23: +3.6%

Inflation, always a hot topic, with some interesting trends! 💸📈 #cryptocurrency lation #cpi #crypto2023 o2023 #usdr b #cryptocurrency