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Bitcoin Makes a Comeback, Surging Past $34,000 as BlackRock’s Proposed ETF Reemerges on DTCC List

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“Bitcoin’s resilient comeback above $34,000 showcases its ability to defy volatility as BlackRock’s proposed ETF reappears on the DTCC list, signaling growing institutional interest in the cryptocurrency.”

Bitcoin’s price experienced a volatile day of trading on Tuesday, surpassing $34,000. The fluctuation was partly influenced by the disappearance and reappearance of BlackRock’s proposed spot bitcoin ETF on a list maintained by the Depository Trust and Clearing Corporation (DTCC). The initial appearance of the BlackRock fund on the list led many to believe that approval from the Securities and Exchange Commission (SEC) was becoming more likely. As a result, Bitcoin surged to $35,000, reaching its highest level since May 2022.

However, when the BlackRock fund disappeared from the list, Bitcoin’s gains were reduced, and the DTCC’s website experienced technical difficulties due to the increased attention. In response to inquiries, a DTCC spokesperson explained that it is standard practice to add securities to the NSCC security eligibility file in anticipation of launching a new ETF. The presence of a fund on the list indicates that an agent bank has requested a DTCC identifier for an ETF, and it does not guarantee any outcome regarding regulatory approval processes.

The situation garnered significant attention and was considered unique and intense for the DTCC, which typically operates behind the scenes. Bloomberg Senior ETF Analyst Eric Balchunas commented on the situation, emphasizing the attention and action it generated.

BlackRock declined to comment on the matter when contacted by The Block. Bitcoin’s price increased by 7.2% over the past 24 hours, reaching $34,125, and has risen by 19.7% over the past week, according to CoinGecko.

It is important to note that the SEC has not yet approved a spot bitcoin exchange-traded fund. This article is solely provided for informational purposes and should not be used as legal, tax, investment, financial, or other advice.

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