Why Bitcoin’s Price Went Back to $34000

Bitcoin Cash

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.

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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.

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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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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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