Connect with us

Hi, what are you looking for?

The Freedom RightThe Freedom Right


Bitcoin’s Ascent: The Story Behind Its Latest Surge

Bitcoin’s Unstoppable Ascent: The Story Behind Its Latest Surge

Bitcoin’s value is soaring, having recently breached the $35,000 mark for the first time since May 2022, reflecting a significant 20% increase within a mere span of five days.

This unparalleled ascent in the world of cryptocurrency has witnessed its value more than doubling this year alone. The heightened interest from investors stems from the anticipation of availing bitcoin-oriented funds on time-tested stock exchanges, rather than navigating the sometimes murky waters of lesser-known crypto platforms such as FTX and Binance.

Fueling this buzz is the recent news surrounding BlackRock’s ETF for Bitcoin. It made waves when it was spotted on a roster maintained by the Depository Trust and Clearing Corp., an entity affiliated with Nasdaq responsible for the clearing of stocks and ETFs, as cited by Reuters.

Earlier in June, BlackRock, the world’s premier ETF provider with asset management crossing trillions, initiated the process to register a Bitcoin spot ETF. Should it gain approval, this would undoubtedly cement Bitcoin’s standing in the financial world.

However, Samer Hasn, an expert analyst at the online brokerage, cautioned that its appearance on the DTCC’s list doesn’t guarantee a launch. “It’s plausible that BlackRock is in the preliminary phases of prepping for the ETF’s potential debut,” he remarked.

It’s noteworthy that BlackRock isn’t alone in this race. Grayscale Investments, among others, has also thrown its hat in the ring for Bitcoin ETFs. Although the U.S. Securities and Exchange Commission initially vetoed Grayscale’s proposition, a subsequent verdict from a panel at the DC Court of Appeals in August turned the tables, challenging the regulator’s initial stand. This unexpected twist was a boon for cryptocurrencies during the subsequent months.

However, a word of caution from Hasn regarding the quicksilver rise of Bitcoin is worth noting. “These swift ascents seem a bit overblown. The overarching shadow of regulatory and legislative issues hasn’t dissipated, and the foreseeable future holds ongoing legal tussles,” he opined.

Beyond the realms of legislation and speculation, another factor might be influencing Bitcoin’s ascendancy: fear. In these unpredictable financial climates, investors are hunting for alternative avenues, and many are eyeing Bitcoin, paradoxically, as a digital fortress. Now frequently referred to as the “digital gold,” Bitcoin offers an attractive alternative for those keen on diversifying from the conventional stock and bond offerings.

The post Bitcoin’s Ascent: The Story Behind Its Latest Surge appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Latest News, And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like


    A second delivery driver has died in Texas amid record-high temperatures, just as the regulation of workplace heat safety enters a new legal limbo...


    Political advisers to both President Biden and Vice President Harris were reportedly annoyed with Democrat California Gov. Gavin Newsom over a planned debate with...

    Editor's Pick

    By the IoT Analytics team. A new report from IoT Analytics highlights eight notable trends helping to advance and promote digital twins. Four of...


    Vermont Sen. Bernie Sanders, 81, defended President Biden, 80, against voter critiques that he lacks the energy and vigor to continue leading the United...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2020-2024 The Freedom Right. All Rights Reserved