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.
Stahp reloading, you guys crashed dtcc website 🤣 it doesn't mean anything anyway. Yes ETF coming in a while, but these are all procedural normal things. Yes BTC mispriced should be already over $100k for several few years based on fundamentals. But let's keep it real.— Adam Back (@adam3us) October 24, 2023
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.
The listing was believed to be a standard step toward a crypto ETF launch, which could indicate that official approval was likely on the horizon.
This October, Bitcoin also dropped 8% after BlackRock refuted rumors of the SEC approving its iShares Bitcoin ETF, which had been inaccurately reported by several media outlets.
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.
About the authorAlex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].