Latest News

Stocks in Play

Dividend Stocks

Breakout Stocks

Tech Insider

CAD Daily Briefing

US Markets

Stocks To Watch

The Week Ahead



Commodity News

Metals & Mining News

Crude Oil News

Crypto News

M & A News


OTC Company News

TSX Company News

Earnings Announcements

Dividend Announcements

Why Did BTC-USD Just Surge 8% To $30,000?

The May 2023 Bitcoin (BTC-USD) ended in a hurry. The biggest crypto by market capitalization bottomed at $25,000 at the height of the SEC versus Coinbase lawsuit.

The narrative changed very quickly. BlackRock (BLK) filed an application to list the first-ever spot bitcoin exchange-traded fund in the U.S. (“ETF”). This reverses the headwind that the SEC created previously, when it sued Coinbase. Previously, the SEC accused Coinbase of offering unregistered securities. BlackRock’s filing, in which it is working with Coinbase, is no surprise. It is a long-time partner with the platform.

The Bitcoin ETF will give the cryptocurrency a much-needed vote of confidence. BlackRock manages $9.1 trillion in assets (as of March 2023). If the filing succeeds, the asset manager will win the title of becoming the first firm to launch a spot Bitcoin product.

This ETF increases the liquidity of Bitcoin. It also improves the availability of BTC to the everyday investor.

Bitcoin needs to overcome issues that Greyscale Investments faced. Last year, the SEC sued Grayscale, blocking it from converting Bitcoin Trust (GBTC) to an ETF. BlackRock’s entry into the crypto market strengthens the confidence of Bitcoin. Markets are reacting by erasing the $5,000 discount on BTC prices.

Bitcoin might attract more buyers from here. Now that it is back at $30,000, skeptics cannot dismiss its prospects.