Bitcoin Drops 3% After BlackRock BTC ETF Is Pulled

[eliasisaac5]

The fact that IBTC was added to the DTCC Clearing House site on Monday had been a major factor driving up Bitcoin's price.

Bitcoin (BTC) quickly fell by more than 3% from its perch near $35,000 late Tuesday morning after the ticker for BlackRock's (BLK) spot bitcoin ETF – IBTC – was removed from the Depository Trust & Clearing Corporation's (DTCC) website.

The fact that DTCC's ticker showed up yesterday rightly or wrongly triggered investor speculation on the possible approval of a spot bitcoin exchange-traded fund, which in turn generated BTC's sharp increase from $30,000 to more than $35,000.

According to data from the CME Chicago, on Monday there was a record high of $3.4 billion registered for bitcoin futures' open interest, implying that investors are becoming increasingly interested in this asset.

At last check, the price of bitcoin was at $33,600, up more than eight percent over the previous 24 hours.

 

[BashirJasper]

This brief price action underscores the impact of BTC spot ETF trading to the entire crypto market and the bull run. There was also the added info that BlackRock bought some BTC to prepare for the ETF trading hence the increase in BTC trading volume on exchanges over the past 36 hours. I got the figure of Bitget and it surprisingly jumped above 30% increase in TV. That's really huge!

 

[quachwunh882]

The price of Bitcoin, despite its recent increase of more than eight percent over 24 hours, experienced a drop of over 3% after the removal of IBTC's ticker from the DTCC website, highlighting the market's sensitivity to such developments.

 

[santrau18773]

The surge in Bitcoin's price, coupled with a record high of $3.4 billion in open interest for bitcoin futures on Monday, indicates a growing interest among investors in the cryptocurrency asset.

 

[zamantruang8]

How does the addition or removal of a cryptocurrency ticker on the DTCC Clearing House site influence investor sentiment and the cryptocurrency market in general?

 

[lktrung9aaq2]

The removal of IBTC's ticker from the DTCC website had an adverse effect on Bitcoin's price, causing it to drop by more than 3% from its recent highs near $35,000.

 

[oitruanghau]

It's clear that the DTCC's actions had a direct impact on investor speculation regarding the approval of a spot bitcoin ETF, which, in turn, led to the sharp increase in Bitcoin's price from $30,000 to over $35,000.

 

[xanhturang8a]

The addition of IBTC to the DTCC Clearing House site on Monday played a significant role in driving up the price of Bitcoin, which experienced a notable increase.

 

[ImamShaheb]

But, it's backagain....

 

[ImamShaheb]

It's clear that the DTCC's actions had a direct impact on investor speculation regarding the approval of a spot bitcoin ETF, which, in turn, led to the sharp increase in Bitcoin's price from $30,000 to over $35,000.

Now heading towards 36,000 & taking ALTs with it!