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Q

01

0:00/1:34

Bitcoin is rocketing higher, topping $35,000 for the first time since May 2022. It’s up 20% over the past five days.

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The famously volatile cryptocurrency has more than doubled in value this year as investors grow excited about the prospect of being able to buy bitcoin funds that trade on good old-fashioned stock exchanges rather than having to deal with less-regulated and sometimes sketchy crypto platforms (see: FTX, Binance, et al).

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volatile
변덕스러운
cryptocurrency
암호화폐
sketchy
수상한, 의심스러운

02

0:00/1:34

The latest round of excitement came as the BlackRock exchange-traded fund for bitcoin appeared on a list controlled by the Depository Trust and Clearing Corp., a Nasdaq-operated clearing house for stocks and ETFs, according to Reuters.

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BlackRock applied in June to register a bitcoin spot ETF, which is pending approval. The company is the largest provider of ETFs in the world, managing trillions of dollars of assets. A BlackRock bitcoin ETF would give the cryptocurrency a new sense of legitimacy.

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legitimacy
정당성, 적법성

03

0:00/1:34

“This listing in the DTCC does not mean that the fund has actually been launched or that this will inevitably happen,” said Samer Hasn, market analyst at online brokerage XS.com. “However, it may appear as part of BlackRock’s preparations to launch the ETF soon.”

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inevitably
필연적이다시피, 아니나 다를까

Other companies have also applied for approval to launch similar bitcoin ETFs, including Grayscale Investments.

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04

0:00/1:34

Although the US Securities and Exchange Commission had ruled against Grayscale’s ETF, a three-judge panel for the DC Court of Appeals in August overruled the regulator’s decision. The panel said the regulator had failed to adequately explain why it rejected the firm’s application.

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overrule
기각[각하]하다
adequately
(특정한 목적이나 필요에) 충분한[적절한]

That has helped boost cryptocurrencies throughout the summer.

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05

0:00/1:34

Still, the SEC has not approved the fund, and investors may be getting out in front of their skis.

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get out in front of one's skis
빠르게 준비하거나 무언가를 빠르게 하다

“I think that these rapid rises in bitcoin are somewhat exaggerated,” said Hasn. “Regulatory and legislative concerns are still clouding this market, and I don’t see opportunities soon to dispel these concerns as the legal battles continue.”

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exaggerated
과장된, 부풀린, 지나친
legislative
입법의, 입법부의
cloud
(기억력·판단력 등을) 흐리다