Bitcoin soars, an aftermath of new ETF news


The price of Bitcoin has soared to new heights, reaching $35,000. This phenomenon was accompanied by the dynamic development of the Bitcoin ETF space. The iShares spot Bitcoin exchange-traded fund (ETF), proposed by renowned investment firm BlackRock, has played a key role here, debuting on the Depository Trust & Clearing Corporation (DTCC) list. The move indicates a potential green light from the US Securities and Exchange Commission (SEC).

The week started with Bitcoin’s price explosion – here’s the reason for it!

On Monday, October 23, the price of Bitcoin (BTC) experienced a sharp jump of 10.2%. Moreover, the total range of movement of the leading cryptocurrency closed at 14.5%. This situation was prompted by the news of the placement of the Bitcoin ETF spot from BlackRock on the Depository Trust & Clearing Corporation (DTCC) website.

Eric Balchunas, an analyst with Bloomberg ETF, stressed that listing on DTCC is a key part of the process of bringing a cryptocurrency ETF to the market. It is worth noting that the iShares spot bitcoin, designated by the exchange symbol IBTC, may soon appear on the Nasdaq floor, which applied for a listing of the investment vehicle in June.

A significant precedent and further confusion

He leaves no doubt that the fact that Bitcoin is listed on DTCC sets an important precedent, as no other such ETF has yet had a listing here. Balchunas notes that BlackRock, which is at the forefront of the logistics of the process, is giving a clear signal that approval is imminent. There is speculation that the company may have already received the green light from the SEC or was actively preparing for such an eventuality.

However, just as the financial world was anxiously awaiting developments, the aforementioned Bitcoin ETF unexpectedly disappeared from the DTCC list. This, of course, triggered a wave of uncertainty. Bitcoin’s price immediately registered a drop, to nearly $33,300.

James Seyffart, an ETF expert at Bloomberg, speculated that the SEC may have contributed to the move. In a post on his X platform (Twitter), he suggested that the Commission certainly made the right call to BlackRock’s board of directors, which forced the investment firm to take steps to withdraw premature information on the ETF instrument. As a result, DTCC, the clearing agency for financial markets, made a correction to its website.

Positive sentiment remains – Bitcoin getting closer to first US ETF

Although the market atmosphere is currently fraught with uncertainty, the entire listing process and possible delisting from the DTCC are milestones on the road to approval of cryptocurrency ETFs. The decisions that will be made in the coming weeks will be crucial to the future of not only Bitcoin but the entire digital asset market.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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