BlackRock's Golden Cross and SEC's Triple-Leveraged Approval Spark Crypto Market Interest

The BlackRock iShares Bitcoin Trust ETF has flashed a golden cross, a bullish signal that the 50-day average moving average has surpassed the 200-day average. This comes as the SEC approved a rule change to allow the listing of triple-leveraged Bitcoin and Ethereum products on the Cboe BZX exchange.

The ETF, which saw new inflows of $102.67 million on October 1, had its 50-day simple moving average at 41.97, just above its 200-day average of 41.92. This golden cross is often seen as a signal of a potential uptrend.

The SEC approval for the Volatility Shares' 3x leveraged Bitcoin and Ethereum funds brings the total number of such products to six. These funds seek to achieve three times the daily return of their respective benchmarks, with Bitcoin and Ethereum being the two cryptocurrencies included.

It's worth noting that the new products will not be tradable until the fund's registration becomes effective, and no trading date has been set. Meanwhile, Bitcoin's price was trading around $84,800 at the time of the SEC approval, with a slight decline of over 0.2% in the last 24 hours.