Bitcoin Price Rises on News of BlackRock’s ETF
The price of bitcoin increased on Monday following positive news about BlackRock’s ETF. This led to speculation that the SEC might approve BlackRock’s application soon, especially since the company had recently submitted an updated application based on feedback from the SEC.
As a result, the price of bitcoin surged to over $35,000 from under $30,000 the day before. However, the next day, the iShares Bitcoin ETF was removed from the DTCC platform, causing many users to crash the official DTCC website through DDoS attacks. The site eventually came back online and the ETF reappeared.
The Overly Optimistic News
While there was initial excitement about the possible approval of BlackRock’s Bitcoin Spot ETF, it was later revealed that such approval was not imminent. The IBTC had already been listed on the DTCC platform since August but went unnoticed due to being listed alongside hundreds of other ETFs.
It is unlikely that the SEC will approve the ETF until early January or late December. However, approval still seems very likely in the future.
The Role of China
Despite the deflated hype over the imminent approval of ETFs, the price of bitcoin remains above $34,000. This can be attributed to ongoing dynamics in the Chinese market, including liquidity injections by their central bank.
While bitcoin’s price rose on Monday, the Chinese yuan appreciated against the US dollar after weeks of depreciation. However, it started falling again shortly after. These dynamics have contributed to bitcoin maintaining its price despite deflated ETF approval expectations.
Bitcoin News: The Significance of BlackRock’s ETF Listing on DTCC
Industry experts argue that the listing of BlackRock’s ETF on the DTCC means very little. It is a preliminary listing to obtain a ticker symbol and identification code while awaiting SEC approval. The timeline for the approval process remains unchanged.
It’s worth noting that IBTC is currently the only bitcoin spot ETF on the DTCC, possibly because BlackRock was the only applicant. However, this increases the likelihood of approval.
Hot Take: The Future of BlackRock’s Bitcoin ETF
The news of BlackRock’s ETF listing on the DTCC may not have significant immediate implications, but it points to a potential future where bitcoin ETFs gain regulatory approval. While it remains uncertain when exactly the SEC will grant approval, industry experts believe it is highly likely.
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