However, after the BlackRock Bitcoin ETF was taken off from the DTCC website and then resurfaced, the price of Bitcoin fell back to $34,000.
Tuesday saw Bitcoin reach $35,000 after roughly a year and a half. The biggest digital coin surged 20% in a week to its highest levels since May 2022, driven by hopes that the US Securities and Exchange Commission (US SEC), US stock market regulators, would approve direct investments in cryptocurrencies.
After a protracted crypto winter that began in late 2021 due to a number of failed cryptocurrency projects and a liquidity shortage in the global economy, the cryptocurrency market is still having difficulty recovering. For those who are passionate about the new-age asset class, there has been some positive news in the last week.
In the upcoming months, traders anticipated that an exchange-traded fund (ETF) would be approved by the Securities and Exchange Commission. Since a spot Bitcoin ETF would enable a larger range of investors to purchase exposure without engaging in direct trading, it is anticipated that this development would encourage larger flows into the cryptocurrency.
However, after the BlackRock Bitcoin ETF was taken off from the DTCC website and then resurfaced, the price of Bitcoin fell back to $34,000. The ETF symbol, IBTC, is sourced from the website of the Depository Trust & Clearing Corporation (DTCC).
The bullish sentiment in the cryptocurrency market drove up the value of other tokens, with Solana rising 30% in only one week and Ethereum, its biggest competitor, rising by almost 15% to over $1,800. In just one week, several altcoins including Chainlink, Mina, and Injective saw gains of 50–90%. The crypto market capitalization approached $1.3 trillion due to the general optimism in the digital token area.
According to Crypto Platform, cryptocurrency enthusiasts are getting enthusiastic about the prospect of Bitcoin (BTC) becoming widely used as a safe haven investment similar to gold in the near future.
BlackRock’s iShares Bitcoin trust got submitted and listed into the depository trust clearing corporation with the official ticker marked down as $IBTC, bringing the ETF one step closer to reality. This positive development regarding its spot ETF approval in the US has fuelled the rally.
The Depository Trust & Clearing Corporation (DTCC) website briefly removed BlackRock’s (BLK) spot Bitcoin ETF ticker, IBTC. After a few hours, the ticker was removed off the list, but not before it aroused rumours about Bitcoin ETF approvals.
Bitcoin has broken above the $31,500 mark and is now in a positive midterm zone. It is anticipated that the bullish sentiment will prevail over the adverse forces as long as the price stays above this mark. As a result, it is possible to observe further upward movement, maybe reaching the $36,000–$38,000 level.
Bitcoin is consolidating following its recent upward trend, with prices currently trading above their 50-day and 200-day exponential moving averages.
Notable is the fact that Bitcoin now controls 54% of the cryptocurrency market capitalization, a percentage not seen since April 2021. Given that the entire value of the cryptocurrency market has not yet reached a new high for the year, this suggests that there is probably a significant capital rotation to the top asset.