Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
The crypto space is keeping such a close watch on spot Bitcoin ETFs that the Depository Trust and Clearing Corporation’s (DTCC) website crashed. Meanwhile, Binance and its CEO want the U.S. commodity regulator’s suit dismissed and Bitcoin briefly touched the $35,000 mark for the first time in over a year.
All eyes on DTCC’s site for spot Bitcoin ETFs
The crypto space has been keeping a close watch on the Depository Trust and Clearing Corporation’s (DTCC) website for any move on a spot Bitcoin (BTC) exchange-traded fund (ETF).
Eagle-eyed watchers noticed the ticker for BlackRock’s ETF — IBTC — vanished from the site before it returned a few hours later. Bitcoin‘s price dropped nearly 3% with the disappearance, indicating much of the trading activity is focused on ETF developments.
The hype around IBTC also seemingly caused DTCC’s site to crash. Senior Bloomberg ETF analyst Eric Balchunas noted the DTCC doesn’t typically get this level of attention, which “speaks to the uniqueness and intensity of this entire saga.”
DTCC is def not used to this kind of attn or action, it lives behind scenes, very boring. Speaks to the uniqueness and intensity of this entire saga— Eric Balchunas (@EricBalchunas) October 24, 2023
Early on Oct. 25 rumors spread across social media that ARK Invest and 21 Shares’ joint spot Bitcoin ETF had been listed on the DTCC’s site — in reality, many mistook ARK’s futures ETF tickers for the pair’s spot fund.
Social media posts referred to the ticker “ARKA,” the yet-to-be-approved ARK 21Shares Active Bitcoin Futures ETF along with the tickers “ARKY” and “ARKZ” which respectively refer to the ARK 21Shares Active Ethereum Futures ETF and the ARK 21Shares Active Bitcoin Ethereum Strategy ETF.
The most recent amended filing for ARK’s spot Bitcoin ETF from Oct. 11 shows that the fund will trade using the ticker “ARKB.”
Binance and CZ want to dismiss CFTC lawsuit
Crypto exchange Binance and its CEO Changpeng “CZ” Zhao have filed statements to dismiss a lawsuit filed by the United States Commodity Futures Trading Commission (CFTC).
The filing, dated Oct. 23, attempted to show that the CFTC’s lawsuit overstepped its boundaries, specifically as they relate to derivatives products. By accepting the CFTC’s arguments, the court “would allow it to regulate any activity in cryptocurrency […] related to a derivatives product” around the world.
“Congress did not make the CFTC the world’s derivatives police, and the Court should reject the agency’s effort to expand its territorial reach beyond what is permitted by the law,” the filing said.
The CFTC filed its lawsuit in March, alleging that Binance failed to register with the regulator, which violated derivatives trading rules.
Bitcoin price reaches $35K as ETF excitement grows
The price of Bitcoin suddenly spiked upward on Oct. 23, with BTC gaining more than 10% from $31,000 to over $34,000.
Less than two hours after breaking $34,000, Bitcoin reached as high as $35,300 according to data from TradingView. Bitcoin is currently changing hands for a price of $34,550.
#Bitcoin is now trading at $35K as speculators bet on SEC approval of $GBTC converting into an ETF. Such a conversation will likely mark the top of the rally, if Bitcoin doesn’t sell off prior to approval. The selloff will be less severe if the ETF conversion is rejected again.— Peter Schiff (@PeterSchiff) October 24, 2023
The sudden uptick in price for Bitcoin comes amid a fresh wave of interest in upcoming spot ETF approvals and a significant increase in overall trading volumes across spot markets.
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 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.
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