The price of bitcoin spiked on Monday after BlackRock’s proposed ETF appeared on the DTCC website, and fell when it disappeared on Tuesday.
Impulse trading in crypto markets is nothing new, and the movement in the price of bitcoin (BTC) over the past two days over the addition – and then removal – of the ticker for BlackRock’s proposed spot bitcoin ETF on the Depository Trust & Clearing Corp.’s website is just another example.
As it turns out, the ETF has been on the site since August, a DTCC spokesperson confirmed in an email to CoinDesk.
Crypto traders this week interpreted its inclusion on the site as a sign that BlackRock’s product might be approved soon. But an ETF appearing there does not indicate anything about its regulatory approval, DTCC said. Being there is just part of the preparatory work – obtaining a ticker symbol and a unique identification code, known as a CUSIP – that any ETF would undertake in anticipation of approval by the US Securities and Exchange Commission.
“It is standard practice for DTCC to add securities to the NSCC security eligibility file in preparation for the launch of a new ETF,” the spokesperson said.
Bitcoin shot above $35,000 on Monday after crypto traders spotted BlackRock’s ETF on the site. But bitcoin slumped on Tuesday after it disappeared.
