The choppy waves of the cryptocurrency market have once again felt a significant impact with recent activity surrounding BlackRock’s Bitcoin Spot ETF. For those who closely follow the world of cryptos, you know how much an event like this can influence the appreciation or devaluation of a currency. And this time, Bitcoin was the protagonist of this story.
BlackRock, one of the largest investment managers in the world, had made history by listing its Bitcoin Spot ETF on DTCC with the ticker IBTC. The mostly bullish market saw this as a clear sign that SEC approval was just around the corner. However, to the surprise of many, this listing was abruptly removed, causing Bitcoin to devalue, reaching the US$33,200 mark.
However, like a roller coaster, the scenery changed quickly. Fresh information indicates that the Blackrock spot ETF has been relisted on the DTCC. This news caused Bitcoin to recover, surpassing the US$34,000 mark. At the time of publication, the price of BTC was quoted at US$34,089.63, up 2% in the last 24 hours.
Eric Balchunas, ETF expert at Bloomberg, commented on the situation: “BlackRock’s listing actually took many by surprise. I believe BlackRock may have been advised to be more cautious with the timing. It didn’t surprise me to see the listing taken down and then relisted.”
It’s baaaaack… $IBTC https://t.co/oquNDHuOBq
— Eric Balchunas (@EricBalchunas) October 24, 2023
The ETF’s re-entry into the DTCC has fueled the confidence of many investors and experts, strengthening the prospect that the SEC’s approval of the Blackrock spot ETF may be closer than previously thought.
The movement of Bitcoin after this news highlights the relevance that large institutions, such as BlackRock, have in the cryptocurrency market.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.