Key Reason Why Bitcoin Has Reclaimed $34,000

Alex Dovbnya

Amid a tumultuous day marked by ETF listing confusion, Bitcoin recouped losses to retake the prestigious $34,000 mark

After paring some of its gains, Bitcoin, the flagship cryptocurrency, has managed to reclaim the coveted $34,000 level. A clarification by the Depository Trust and Clearing Corporation (DTCC) likely contributed to the price spike. 

DTCC listing stirs market

The sheer speculation surrounding the possibility of BlackRock and other Bitcoin ETF applicants getting the green light has driven Bitcoin to its largest two-day rally in the last seven months. 

This bullish sentiment faced a hurdle when BlackRock’s iShares Bitcoin Trust, known as IBTC, was abruptly delisted from the DTCC’s roster. This move, whether due to a technical error or premature listing, led to a sharp decline in Bitcoin’s price.

The prior listing had already spurred considerable market excitement since many viewed it as a step closer to an imminent crypto ETF launch and potential official endorsement.

However, the DTCC clarified that an ETF’s appearance on their website is a standard preparation step and doesn’t indicate regulatory approval status. Interestingly, the ETF had been listed on the site since August. Following this clarification, the Bitcoin price reclaimed the $34,000 level. 

A sea of green 

According to CoinGecko data, Bitcoin is standing firm at $34,116 after an 18.6% growth over the past week. Ethereum, the second-most dominant cryptocurrency, is priced at $1,792.29, reflecting a 14% growth within the same period. 

Solana, with its price at $31.38, is the top performer after registering a whopping 29.8% rise over the week.

Bitcoin dominance currently stands at over 51%, according to CoinGecko data. 

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Alex Dovbnya