Within less than 24 hours, the DTCC website removed BlackRock’s bitcoin spot ETF product from the list.
BlackRock is a top fund manager firm & doesn’t require any introduction to those people who are already engaged in the financial sector. In June of this year, BlackRock filed its Bitcoin’s spot ETF applications with the US Securities and Exchange Commission (SEC). As per reports, BlackRock’s application is very near to secure regulatory approval from the SEC body.
On 24 Oct, BlackRock’s Bitcoin spot ETF product (IBTC) made an appearance on a list maintained by the Depository Trust and Clearing Corporation (DTCC). And following that news, the trade price of Bitcoin pumped sharply by 16%.
On the evening of 24 Oct, people noted that the DTCC website removed BlackRock’s Bitcoin spot ETF product from the list.
Bloomberg ETF expert Eric Balchunas also shared his opinion on this thing and said that they were probably ordered by the regulatory bodies to list IBTC just a few days before the approval of IBC by the SEC.
Here one most important thing we can figure out from Eric’s statement is “more time for Bitcoin spot ETF approvals”. Here we can roughly expect that it will either take weeks or some months for such applications to get approval.
As per experts point of view, the SEC body will not give a chance for a single firm to enjoy the first move advantage, so here we can guess multiple Bitcoin ETF approval simultaneously.
Following this news, the trade price of Bitcoin started to face small corrections and it is expected that today it will plunge by 5-6%.
The current trade price of Bitcoin is $34,000 & this trade price is 1.9% down from the last 24 hours’ trade price.
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