After being delisted earlier today and the DTCC website being down for some time, BlackRock’s iShares Bitcoin trust has been relisted on the DTCC. Following its delisting earlier, Bitcoin quickly dropped below $34,000. The Depositary Trust and Clearing Corporation website is now back up as well with no issues.
BlackRock’s iShares Bitcoin Trust Relisted on DTCC, Impact on BTC Price
On Monday, BlackRock initially had its proposed iShares Bitcoin Trust added to the Depository Trust and Clearing Corporation’s (DTCC) reference database under the ticker symbol IBTC. However, to the surprise of many, IBTC was unexpectedly removed from the DTCC’s listings earlier today, and the reasons for this removal remain undisclosed. This abrupt alteration in IBTC’s status triggered a whirlwind of fluctuations in the Bitcoin (BTC) price. BTC quickly surged above $35,000, only to plummet back to under $34,000 within a matter of hours. As the listing is now reinstated, it is anticipated that both BTC and iShares Bitcoin Trust will gradually recover and approach the $35,000 mark by Wednesday.
Several asset management companies have submitted applications for the creation of exchange-traded funds (ETFs) linked to spot bitcoin, but none of these applications have received approval from the U.S. Securities and Exchange Commission (SEC) as of yet. Among these hopeful asset managers is BlackRock, eagerly awaiting SEC’s nod.
Recently, the SEC decided to withdraw its lawsuit against Ripple XRP executives, a move seen by many as a positive signal for the future prospects of spot Bitcoin ETF applications. Gary Gensler, the Chair of the SEC, has also made statements indicating that the commission is actively processing applications for Bitcoin ETFs, and it is highly likely that BlackRock’s application is included in these considerations.
However, on a separate note, the regulator took action today by charging an asset management company with inadequate disclosure of its investments.
The excitement and speculative fervor that had been the driving force behind the recent surge in Bitcoin prices appear to be gradually dissipating. As of the latest data, the trading value of Bitcoin stands slightly above $33,900.
Related: BREAKING: Bitcoin Price Sets New 2023 Record, 52-Week High