Dec 20, 2023

Representatives from BlackRock (BLK), Nasdaq and the Securities and Exchange Commission (SEC) met for the second time in a month to discuss rule changes that are necessary to list the spot bitcoin (BTC) exchange-traded fund (ETF), according to a published memo. “The discussion concerned The NASDAQ Stock Market LLC’s proposed rule change to list and trade shares of the iShares Bitcoin Trust under Nasdaq Rule 5711(d),” the memo reads. The Nasdaq rule establishes specific criteria and regulatory guidelines for the listing and trading of Commodity-Based Trust Shares on the Nasdaq Exchange, and details the requirements for initial and continued listing, along with surveillance and compliance measures to ensure market integrity and protection against fraudulent activities.

(Jim.henderson/Wikimedia Commons)

A mix of catalysts and historical behavior could catapult bitcoin (BTC) to as high as $160,000 in a widely expected bull market analysts say could take off in 2024. Expected demand for bitcoin from several spot exchange-traded funds (ETFs) in the U.S., the forthcoming reward halving and growth in broader stock markets on the back of lower interest rates could lift bitcoin prices to at least $50,000 in the short-term, on-chain analysis firm CryptoQuant said in a Wednesday report shared with CoinDesk. “We argue that bitcoin and crypto markets could have a positive year in 2024 mostly amid the effects from: 1. The market valuation cycle, 2. Network activity, 3. The bitcoin halving, 4. The macroeconomic perspective, 5. Bitcoin spot ETF approval and 6. Growing stablecoin liquidity,” CryptoQuant analysts said.

Markets shouldn't underestimate the significance of the coming spot bitcoin (BTC) ETFs, said MicroStrategy (MSTR) Executive Chairman Michael Saylor in a Bloomberg TV appearance on Tuesday. "It's not unreasonable to suggest that this might be the biggest development on Wall Street in 30 years," said Saylor, suggesting the last comparable new product was the S&P 500 ETF, which allowed investors one-click exposure to that widely followed index. Mainstream investors – whether at the individual or institutional level – to date have not had a "high bandwidth" compliant channel for putting money into bitcoin, said Saylor, and that's all about to change with the spot ETF. 

The Iron Bank Euro (ibEUR) stablecoin has no immediate path back to its peg against the euro after falling as much as 60% in value early Monday, according to public statements from people close to the project.

The minor alternative stablecoin, which has an issuance of $3.7 million, dropped from its normal price of $0.97 to as low as $0.39 Monday after a shakeup in ibEUR's main trading pool left the asset's markets imbalanced. At press time ibEUR had recovered to $0.72 after risk-prone traders piled in, hoping for a path back to – or at least closer to – its supposed peg.

But there's no guarantee ibEUR will quickly return to its previous price level. The protocol supporting it "is not taking any peg maintenance" at the moment and lacks the treasury liquidity necessary to stabilize the asset, said the pseudonymous admin of the Keep3r Network Telegram chat, which is associated with the project.

- Lyllah Ledesma