The recent fluctuations in Bitcoin’s price can be traced back to the events surrounding BlackRock’s IBTC ETF. This financial instrument first appeared on the website of the Depository Trust and Clearing Corporation (DTCC), creating significant buzz and causing Bitcoin’s price to briefly exceed $35,000.
However, the ETF then seemingly vanished from the site, only to reappear later. This series of events led to a sharp volatility in Bitcoin prices, indicating that current trading activity is highly sensitive to ETF-related news.
It’s important to note that the inclusion of IBTC on the DTCC’s website is standard procedure in preparation for a potential ETF launch. However, being listed does not guarantee the outcome of any pending regulatory approval processes. With the anticipation building up, experts suggest that BlackRock is gearing up for a potential launch if they receive approval from the SEC.