Signal suggests that the ETF launch will be faster than expected
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The price of Bitcoin is on an unstoppable rise. It’s showing an increase of over 15% as signals indicate that the launch of the ETF could be faster than expected.
As of 11:30 a.m. on the 24th, Bitcoin is recording $34,848.93 on the U.S. cryptocurrency exchange CoinMarketCap, a 15.37% increase from 24 hours ago. This is a whopping 22.93% increase from a week ago.
Prices of major cryptocurrencies (virtual assets) are also on the rise. As of the previous day, Ethereum is recording $1809.06, a 7.83% increase, Ripple is at $0.5527, an 11.86% increase, and Solana is at $31.72, a 6.62% increase. The prices of other major cryptocurrencies such as Dogecoin, Tron, Chainlink, Polkadot, Litecoin, and Bitcoin Cash are also significantly increasing.
Cryptocurrency prices are rising due to anticipation of approval for a Bitcoin spot exchange-traded fund (ETF).
Bloomberg analyst Eric Balchunas, through X, reported that the U.S. has added BlackRock’s iShares Bitcoin Trust ticker (IBTC) application. Depository Trust & Clearing Corporation (DTCC). This is about obtaining a security identification code (CUSIP) for the amendment to the Bitcoin spot ETF application submitted by BlackRock last week.
Upon hearing this news, expectations in the cryptocurrency market that the launch of the ETF could be faster than expected reached a peak.
Balchunas explained that an ETF must receive a unique number and be listed on the DTCC as part of its market entry process.
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