The BlackRock spot Bitcoin ETF has been relisted on the Depository Trust and Clearing Corporation (DTCC) website after crashing out of the list earlier today.
The addition of the spot Bitcoin ETF on the website indicated a work-in-progress approval by the United States Securities and Exchange Commission (SEC) and this has left a positive mark on the price of Bitcoin over the past few days.
It helped Bitcoin (BTC) gain over 10%, leading to retesting the $35,000 resistance level. However, the news of the removal hit the crypto market, sending BTC to the $33,000 price region in quick succession.
The development seemed to have brought highly anticipated approval of a spot bitcoin exchange-traded fund (ETF) in the United States to an unwanted roadblock. It raised questions about the true timeline of the approval process and dampened previously optimistic expectations.
A number of analysts who discussed the possible reasons for the removal are optimistic that it’s not a setback for the much-anticipated approval.
Eric Balchunas, a Bloomberg analyst, noted that the removal is a signal that BlackRock is at the forefront of the necessary logistics in relation to approval. While another analyst said BlackRock was likely following an instruction from the SEC, hence the removal.
As recently reported by Watcher Guru, BlackRock’s iShares Spot Bitcoin ETF has been relisted on the DTCC website, bringing the bullish trend back to the Bitcoin market.
On the news, Bitcoin has reclaimed $34,000 support, heading towards retesting $35,000 resistance. At the time of filing this report, BTC is trading at $34,173, with a relatively 4% price surge in the last 24 hours, according to CoinMarketCap.
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