Despite a chaotic day filled with confusion about ETF listings, Bitcoin managed to recover from its losses and climb back above the significant $34,000 level.
Bitcoin, the leading cryptocurrency, has managed to rise above $34,000 again after experiencing some fluctuations. The clarification from the Depository Trust and Clearing Corporation (DTCC) played a role in this price increase.
Recently, there has been much speculation about the approval of Bitcoin exchange-traded funds (ETFs), with potential applicants like BlackRock generating significant interest. This speculation led to Bitcoin’s most significant two-day price surge in seven months.
However, a hurdle appeared when BlackRock’s iShares Bitcoin Trust (IBTC) was suddenly removed from the DTCC’s list. Whether it was a technical error or an early listing, this caused a sharp drop in Bitcoin’s price.
The previous listing had excited the market because it was seen as a step closer to a possible crypto ETF launch and official approval. However, the DTCC clarified that having an ETF listed on their website is a standard preparation process and doesn’t indicate regulatory approval. Interestingly, the ETF had been listed since August. After this clarification, Bitcoin’s price went back above $34,000.
Cryptocurrency Market Experiences Broad Gains
- Bitcoin is now at $34,116 after going up by 18.6% in the past week.
- Ethereum, another popular cryptocurrency, is at $1,792.29, and it grew by 14% in the same week.
- Solana is the standout performer, with its price at $31.38, and it saw a huge 29.8% rise in the past week.
- More than half of the entire cryptocurrency market is dominated by Bitcoin, accounting for over 51%.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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