Bitcoin Hits New 2023 High as BlackRock Refiles Spot Bitcoin ETF Application

UTC by Bhushan Akolkar · 3 min read
Bitcoin Hits New 2023 High as BlackRock Refiles Spot Bitcoin ETF Application
Photo: Depositphotos

Analysts have started giving price predictions of $36,000 for Bitcoin supported by stock market moves and drop in the volatility index.

On Monday, July 3, the world’s largest cryptocurrency Bitcoin (BTC) hit a new high for the year 2023, moving all the way to $31,400 levels. With this move, Bitcoin extended its year-to-date gains to more than 90%. Also, the recent move helps Bitcoin extend its one-year gains to more than 62%.

Monday’s move in the Bitcoin price comes as financial giant BlackRock re-filed its spot Bitcoin ETF application. As per the details, BlackRock submitted the application to the US SEC through Nasdaq while naming Coinbase Global Inc. as the market to provide surveillance for the proposed ETF.

Thus, crypto exchange Coinbase will be responsible for overseeing the ETF’s trading activities and ensuring compliance. Despite its recent case with the US Securities and Exchange Commission (SEC), BlackRock still chose Coinbase as its preferred custodian.

Experts consider BlackRock’s attempt to establish America’s first spot Bitcoin ETF as a significant milestone in the institutional adoption of crypto. In addition to enhancing Bitcoin’s standing as an emerging asset, a spot ETF from BlackRock would simplify institutional access to the original cryptocurrency.

BlackRocks’ filing of spot Bitcoin ETF was the reason that the BTC price reversed its trajectory in June. After facing strong selling pressure in the first half of the month, the Bitcoin price gained over 20% in the last 15 days ending above $30,000 levels.

BlackRock’s filing also encouraged several other crypto firms to file for similar products. Along with BlackRock, other applicants have also revised their applications this week after the SEC called the previous filings inadequate.

Bullish Calls on Bitcoin Price in 2023

Analysts have already started giving bullish price calls for Bitcoin as it holds firmly above the $30,000 level. Katie Stockton, the founder and managing partner at Fairfield Strategies said that the BTC price could surge to $36,000 during her recent appearance on CNBC’s Squawk Box.

Stockton says that Bitcoin recently broke out of a price range before the stock market did the same, which she sees as a sign that Bitcoin’s price could go up. She also noticed that the volatility index went down before Bitcoin and the stock market went up.

Stockton’s prediction comes after a year where Bitcoin had its ups and downs but stayed strong despite problems in the world. After dropping to around $25,000, Bitcoin’s price started going up again and looks like it might keep going up.

Stockton thinks this could make Bitcoin’s total value, which is around $595 billion right now, go up a lot. In an interview, Stockton also talked about how Bitcoin and the stock market are connected. When the S&P 500 and the Nasdaq went up in mid-May, Bitcoin did too, showing that they all affect each other.

Bitcoin News, Cryptocurrency News, News
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