Since past few weeks Bitcoin Price has been selling off as doubt and fear spreads in the market that spot Bitcoin Exchange Traded Fund (ETF) approvals might not be as close as earlier. When writing, on October 25, DTCC website was accessible and the ticker of BlackRock’s Bitcoin iShare ETF got relisted.
The news of removal of BlackRock’s iShare Bitcoin Trust ticker from the DTCC (Depository Trust & Clearing Corp) website was first reported on ‘X’ by an international journalist Joe Light.
Talking about the news, Eric Balchunas (Senior Analyst Bloomberg) mentioned that he wasn’t “totally shocked”, he added that “they were told to or want to wait until they are days not weeks or months away to spot Bitcoin ETF approval.
The removal of BlackRock’s Bitcoin ETF ticker caused a sudden decline in BTC trading price. At press time, Bitcoin was trading at $33,854.36. In a couple of minutes, a decline of $763.19 was recorded.
As per market analysts, a sudden positive or negative momentum is expected to be reflected in Bitcoin price and the possible reason assumed by analysts is the hot topic of Bitcoin ETFs, especially BlackRock’s ETF.
Will Bitcoin Succeed in Retesting $35k?
In the past 24 hours, Bitcoin surged impressively and its price was trading near the boundary line of $3k, but the news of the above delisting is the most probable reason for the sharp drop in BTC price,
Following the BTC price movement Ethereum also surged 12.45% in the past 7 days however its trading volume declined 30.30% in the past 24 hours and market capitalization slipped 2.28% intraday.
When writing ETH was trading at $1,769.63 with an intraday trading volume of $11,822,878,943. In terms of trading volume, Ethereum is the third most traded token in the entire market (press time).
Dozens of market analysts predicted that Bitcoin will continue the surge in upcoming days and is also expected to achieve the long awaited resistance of $35k. BTC has 51.42% dominance over the market followed by ETH, USDT,BNB and XRP including others.
The fear & greed index reflects a ranking of 70.6 which means it is more preferred than feared. Filecoin placed among the weekly top gainers; in a week its price has surged over 20%.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/10/25/dtcc-website-went-down-blackrock-btc-etf-back-relisted-again/