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Bitcoin, Ethereum, Dogecoin Spike As BlackRock Amends SEC Filing: Analyst Predicts New All-Time High For King Crypto In Less Than 4 Months

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The cryptocurrency market witnessed a surge on Monday, amid BlackRock’s amended S-1 filing with the Securities and Exchange Commission (SEC). 

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Bitcoin BTC/USD +4.93% $43,085
Ethereum ETH/USD +2.83% $2,238
Dogecoin DOGE/USD +0.91% $0.093

What Happened: The filing revealed the proposed spot Bitcoin ETF will bear the ticker IBIT. 

The revised filing provides additional details concerning the creation and redemption methodology to be implemented by the fund. This topic has been the subject of recent discussions between BlackRock and SEC officials. 

“The Trust issues and redeems Baskets on a continuous basis,” according to the filing. “These transactions will take place in exchange for cash. Subject to the In-Kind Regulatory Approval, these transactions may also take place in exchange for bitcoin.”

“BlackRock has gone cash only,” Bloomberg Intelligence analyst Eric Balchunas wrote on X. “That’s basically a wrap. Debate over. In-kind will have to wait. It’s all about getting ducks in row bf holidays. Good sign.”

According to data from Coinglass, BTC shorts amounting to over $37 million were liquidated in the past 12 hours.

Top Gainer (24 Hour)

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
Sei (SEI) +38.09% $0.31
Woo Network (WOO) +23.17% $0.45
Injective (INJ) +21.91% $37.26

The global crypto market cap has reached $1.56 trillion, marking a 2.06% decrease in the last 24 hours.

On Monday, the S&P 500 continued its winning streak of seven weeks, maintaining its momentum and rising further. The S&P 500 showed a positive trend, climbing up by 0.45% to 4,740.56. Additionally, the Nasdaq Composite index, which is heavily tilted towards technology stocks, also saw a boost, advancing by 0.61% to close the day at 14,904.81.

See More: Best Cryptocurrency Scanners

Analyst Notes: According to cryptocurrency analyst Michael Van de Poppe, it seems likely that Bitcoin will hit its low point before rising again. He notes that “profit taking end of year, most likely from later this week/early next week we’ll be back in up-only mode.”

On-chain analyst, PlanB, on Monday shared some exciting insight that could lead Bitcoin (BTC) to a new all-time high in as little as four months. During a ask-me-anything (AMA) session, the quantitative analyst disclosed that the approval of spot market Bitcoin exchange-traded funds (ETFs) could be the key that unlocks explosive growth for the leading cryptocurrency, ultimately pushing it to break past its previous record-high before April 2024’s halving event. 

“The halving is in April 2024, so that’s four months from now. A possible all-time high would be $69,000 – that would be a 50%+ increase in the next four months. I think it’s very well possible. In fact, if the ETF gets approved before the halving – and I think everybody’s looking at January for that – if the ETF gets approved by January, then I think we’ll have this all-time high in the pocket, and $69,000 would be a low estimate – I think we’ll go straight to $100,000.”

Santiment, an on-chain analytics firm, has reported that “in the latest case of “traders get fearful, market prices get cheerful”, “crypto market caps rebounded big on Monday. Aftermarket fatigue began kicking in last Friday, posts about Bitcoin began skewing very negatively in tone.

Photo by stockphoto-graf on Shutterstock

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