Why bitcoin is surging again

[ajacobson]

"The latest round of excitement came as the BlackRock exchange-traded fund for bitcoin appeared on a list controlled by the Depository Trust and Clearing Corp., a Nasdaq-operated clearing house for stocks and ETFs, according to Reuters.



BlackRock applied in June to register a bitcoin spot ETF, which is pending approval. The company is the largest provider of ETFs in the world, managing trillions of dollars of assets. A BlackRock bitcoin ETF would give the cryptocurrency a new sense of legitimacy.

“This listing in the DTCC does not mean that the fund has actually been launched or that this will inevitably happen,” said Samer Hasn, market analyst at online brokerage XS.com. “However, it may appear as part of BlackRock’s preparations to launch the ETF soon.”

This article - from CNN is a bit dusty.

 

[wxytrader]

"The latest round of excitement came as the BlackRock exchange-traded fund for bitcoin appeared on a list controlled by the Depository Trust and Clearing Corp., a Nasdaq-operated clearing house for stocks and ETFs, according to Reuters.



BlackRock applied in June to register a bitcoin spot ETF, which is pending approval. The company is the largest provider of ETFs in the world, managing trillions of dollars of assets. A BlackRock bitcoin ETF would give the cryptocurrency a new sense of legitimacy.

“This listing in the DTCC does not mean that the fund has actually been launched or that this will inevitably happen,” said Samer Hasn, market analyst at online brokerage XS.com. “However, it may appear as part of BlackRock’s preparations to launch the ETF soon.”

This article - from CNN is a bit dusty.

Omg I told you guys this was coming...it's been a certainty from July. Don't waste your time reading articles trying to fit the narrative...the extension wave is the narrative...not the news.

 

[tomkat22]

Maybe folks are just loosening their purse strings in general. VIX keeps dropping and the stock market had another big up day.

 

[maxinger]

The news is outdated by a few weeks.

Next outdated news please.

 

[The_Krakenite]

VIX keeps dropping and the stock market had another big up day.

On the flip-side, certain sectors are getting wrekt, similar to the dot-com bubble, or the S&L Crisis before then.

REIT sector is getting crushed and is estimated to be a long, long way down yet before bottom is hit. The chapter 11s will spill over into the banking sector, so don't expect to be all in the clear just yet. Especially while Janet Yellen is still around and the government is spending like drunken sailors.

 

[S2007S]

The entire market is going parabolic. Everyone is crowding into the market as if the market and bitcoin is never going to come back down ever again.

 

[GlobalMacro90]

Hold on they are going to come out with an ETF that holds spot bitcoin? I hadn’t heard lol.

 

[RedDuke]

It is very simple, look at Tether printing and BTC chart. It is fake money that pushing it higher just like before.

the only reason why I invest in crypto is a bet that Tether will never be held accountable. If Tether fraud will be busted, crypto will drop to levels no one can imagine.

 

[The_Krakenite]

This may be... bad news? But recent Tether news came out. They are investing half a billion dollars into existing crypto-miners.

I guess that means a lot more may go into them at a later date too. So... that will inflate miner prices now... but another double-whammy when the run-on-tether spark ignites.

Not going to end well, but for now, equity holders of miners can go about like drunk sailors until the music stops.

 

[ph1l]

Bitcoin isn't the only thing that's surging.
https://coinmarketcap.com/academy/a...n-fees-on-the-back-of-renewed-ordinals-frenzy

Bitcoin Overtakes Ethereum in Transaction Fees on the Back of Renewed Ordinals Frenzy
By Hope C
1m
Created 9h ago, last updated 9h ago
Bitcoin (BTC) has recently surpassed Ethereum (ETH) in terms of average daily transaction fees, signaling a notable shift in the fee landscape.

Bitcoin (BTC) has recently surpassed Ethereum (ETH) in terms of average daily transaction fees, signaling a notable shift in the fee landscape. On November 20, Bitcoin's average daily transaction fee reached $10.34, while Ethereum's average fee stood at $8.43.
The upswing in Bitcoin transaction fees is a result of heightened activity surrounding the Ordinals Protocol, which enables the creation of NFT-like assets and BRC-20 tokens on the Bitcoin network. After a period of relative dormancy in late September to October, Ordinals-based assets experienced a significant surge in late October, according to Dune Analytics.
Since October 24, over 6 million Ordinal assets have been generated, leading to the redistribution of more than 800 BTC in fees (equivalent to $30 million) to the network. The momentum further escalated when ORDI, the second-largest BRC-20 token by market capitalization, was listed on Binance on November 7. This listing sparked increased buying activity of BRC-20 tokens, resulting in a price surge of slightly over 50% for the ORDI token.


In addition to the growing popularity of the Ordinals Protocol, the Taproot Wizards project, which is built on the Ordinals protocol, announced a seed funding round of $7.5 million on November 17.