Cryptocurrency (crypto) Bitcoin
Cryptocurrency (crypto) Bitcoin
price surges. At one point, it exceeded $35,000 on the 24th, marking its highest since May 2022. There is a speculative buy that is expected to be approved by the U.S. authorities for a Bitcoin-in-kind exchange-traded fund (ETF). The increase will accelerate from mid-October, and will be near $34,000 at present, double the level at the end of 22. Underpinning the market is the expectation that bitcoin spot ETFs, which several U.S. lenders have applied to the U.S.Securities and Exchange Commission (SEC), will be approved. Above the ETF, there are observations that funds from institutional investors will flow in. Over the Bitcoin physical ETF, Grayscale Investments was suing the SEC for not approving the application. The SEC loss was confirmed on the 23rd. The US court ordered the review of the SEC's ruling as arbitrary. Manex Securities' Marunichi Matsushima and Crypto-asset analysts say "the approval of the in-kind ETF was perceived as realistic in the United States. On the 24th, the U.S. Securities Depository and Transfer Agency (DTCC), which handles securities settlement, revealed that BlackRock had posted the in-kind ETFs it was applying for in "eligible files" including the possibility of future transactions. Although the DTCC explained that the listing did not imply approval by the authorities, it appears that it led to the expected buy-in. The tension in the Middle East seems to have also been noted. "Bitcoin is not bound by the national framework, and the supply and demand are poised to tighten as an asset less susceptible to geopolitical risks," says Shohashi Nishiyama, an analyst at SBIVC Trade (Tokyo Port). The timing of what is called a "half-life" that reduces the rewards of miners (miners) supplying bitcoin is also a buying factor. There is a speculation that supply will be reduced and supply and demand will be tightened. Matsushima says, From around the turn of the year, transactions that are conscious of the half-life are in full swing, and the uptrend is likely to continue for the time being.