Benzinga - Bitcoin (CRYPTO: BTC) Layer-2 Stacks (CRYPTO: STX) has experienced a surge of 13% within the past 24 hours. This surge is accompanied by a significant spike in trading volume, which has seen a 230% increase, reaching a total of $165 million.
What Happened: The majority of STX trading occurred on prominent exchanges such as Binance, KuCoin, and Coinbase. Binance accounted for the highest trading volume, reaching $27 million, followed by Coinbase with $8.5 million.
This surge in STX’s price and trading volume comes as Bitcoin reached a remarkable milestone, surging past $34,000 on Tuesday morning. The anticipation surrounding the potential approval of spot Bitcoin ETFs has contributed to this surge, generating excitement among investors and traders.
Within the past 24 hours, Bitcoin, the largest cryptocurrency by market capitalization, was observed trading at $34,883. This marks the first time since May 2022 that Bitcoin has surpassed the threshold of $34,000.
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Why It Matters: The price movements coincide with an important development related to BlackRock’s highly anticipated spot Bitcoin ETF, known as the iShares Bitcoin Trust. The ETF made an appearance on a list maintained by the Depository Trust and Clearing Corporation (DTCC).
Eric Balchunas, senior ETF analyst at Bloomberg, noted the significance of this development, stating that the iShares Bitcoin Trust is the first spot ETF listed on the DTCC, differentiating it from others that are not yet present. He further highlighted that BlackRock’s leading role in logistical aspects such as seeding, tickers, and DTCC listing tends to occur just prior to launch. Balchunas views this as a signal that BlackRock is confident in the approval of the ETF, considering it to be imminent.
Price Action: At the time of writing, STX was trading at $0.73, up 12.15% in the last 24 hours, according to Benzinga Pro.
Photo by FellowNeko on Shutterstock
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