The value of Bitcoin experienced a notable increase on Monday, coinciding with the appearance of BlackRock’s proposed Exchange-Traded Fund (ETF) on the DTCC’s website. However, this surge was short-lived, as the price dipped once the ETF listing disappeared on Tuesday.
Impulsive trading in crypto markets is nothing new and the movement in the price of bitcoin (BTC) over the past two days over the addition – and then removal – of BlackRock’s proposed ticker for its spot bitcoin ETF on the Depository Trust & Clearing Corp.’s website is just another example.
As it turns out, the ETF has been on the website since August, a spokesperson for DTCC confirmed in an email to CoinDesk.
Crypto traders this week interpreted the appearance of the ETF on the page as a signal that BlackRock’s product might be nearing regulatory approval. However, it’s essential to clarify that the mere presence of an ETF listing on the DTCC’s website does not imply anything regarding its regulatory approval, according to DTCC. Such inclusion is primarily a part of the preparatory process that any ETF must undergo while awaiting approval from the U.S. Securities and Exchange Commission. This process typically involves obtaining a ticker symbol and a unique identification code referred to as a CUSIP. The value of Bitcoin
According to a spokesperson, it’s a routine procedure for DTCC to include securities in the NSCC security eligibility file in readiness for the introduction of a new ETF to the market. The initial excitement among crypto traders on Monday led to a surge in Bitcoin’s price, pushing it above the $35,000 threshold, as they observed BlackRock’s ETF listing on the page. However, this optimism was short-lived, and Bitcoin’s value declined on Tuesday following the ETF’s removal from the page.