Bitcoin Price Rises as BlackRock’s Proposed ETF Appears and Disappears from DTCC List
The price of Bitcoin climbed back above $34,000 in a volatile day of trading on Tuesday. This came as BlackRock’s proposed spot Bitcoin ETF briefly disappeared from the list maintained by the Depository Trust and Clearing Corporation (DTCC), only to reappear later in the evening.
DTCC’s Standard Practice
A spokesperson from DTCC explained that the addition of securities to their list is a standard practice in preparation for the launch of a new ETF to the market. The appearance of BlackRock’s iShares Bitcoin Trust fund on the list was merely an indication that an agent bank had requested a DTCC identifier for an ETF fund. It does not imply any outcome regarding regulatory or other approval processes.
‘Intensity of this Entire Saga’
Industry watchers noted the unusual attention and action surrounding DTCC due to its typical behind-the-scenes operations. Bloomberg Senior ETF Analyst Eric Balchunas described it as a testament to the uniqueness and intensity of the entire saga.
BlackRock declined to comment on the matter, and Bitcoin’s price saw a 7.2% increase over the past 24 hours, reaching $34,125.
Hot Take: Bitcoin’s Volatility Continues Amidst ETF Speculation
The price of Bitcoin experienced significant fluctuations as BlackRock’s proposed spot Bitcoin ETF appeared and disappeared from the DTCC list. This event raised speculation about potential approval from the Securities and Exchange Commission (SEC). Despite this uncertainty, Bitcoin managed to surge to its highest level since May 2022, reaching $35,000. The intense attention received by DTCC during this period highlights the ongoing anticipation surrounding cryptocurrency regulation and adoption in financial markets. As the SEC has yet to approve a spot Bitcoin ETF, the market continues to navigate through unpredictable volatility.
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