Bitcoin (BTC) recovered from Tuesday’s downturn with a 1.5% increase in the spot markets on Wednesday morning, pushing the BTC/USDT pair above $42,900.
Market optimism is growing for a surge past $43,000, buoyed by news that BlackRock Inc (NYSE: BLK) recently held its second meeting this month with the US Securities and Exchange Commission (SEC) regarding its iShares Bitcoin Trust application.
BlackRock is seeking approval for its bitcoin exchange-traded fund (ETF) to be listed on Nasdaq, a development widely anticipated to be a significant boost for bitcoin’s price in 2024.
There is considerable anticipation that BlackRock’s spot-bitcoin ETF will receive approval alongside similar proposals from entities like Fidelity, VanEck, Grayscale, and Ark Invest.
While these approvals are not expected until next year, with a slight possibility of not materializing at all, the surrounding excitement has significantly energized the cryptocurrency markets in recent times.
As the year draws to a close, Bitcoin continues to show robust performance, although the likelihood of additional gains in a potential ‘Santa rally’ has somewhat lessened.
