According to Back, the cryptocurrency, currently trading at $33,791, should have been priced at over $100,000 based on its intrinsic fundamentals
Blockstream CEO Adam Back stated that Bitcoin should have surpassed the $100,000 mark based on its fundamentals.
At press time, the flagship cryptocurrency is sitting at $33,791, according to CoinGecko data.
Back’s assertion came amid tumultuous market conditions following the sudden removal of BlackRock’s iShares Bitcoin Trust from the Depository Trust & Clearing Corporation’s listing.
The bellwether coin experienced a dramatic drop that was caused by the disappearance of the ticker for BlackRock’s spot Bitcoin ETF, known as IBTC, from the DTCC’s website.
The unexpected listing of the ticker on the DTCC platform had previously led to heightened speculation about upcoming approval.
The removal of BlackRock’s ticker from the DTCC website could be due to an inadvertent technical glitch or perhaps a premature listing that was later reversed.
Bitcoin’s big day
Bitcoin surged close to an 18-month peak, surpassing the $35,000 level. The sudden spike was driven by mounting speculation of an imminent exchange-traded bitcoin fund (ETF). This optimism was further bolstered by a 10% rise on Monday, spurring growth not just in Bitcoin but also across the wider cryptocurrency market and associated stocks.
Such a product could prompt more traditional investors to venture into the cryptocurrency world via the stock market, potentially injecting significant capital into the sector.
Simultaneously, crypto-linked stocks, such as Coinbase Global and MicroStrategy, saw gains of more than 7% and 12% respectively.
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