Tuesday morning saw a sharp decline of more than 3% in Bitcoin (BTC) from its previous high of almost $35,000.
The withdrawal of BlackRock’s (BLK) spot Bitcoin ETF ticker, IBTC, from the Depository Trust & Clearing Corporation (DTCC) website served as the impetus for this decline.
The day prior, speculators conjectured about the impending approval of a spot Bitcoin ETF due to the presence of IBTC on the DTCC website, which aided in the quick increase of BTC from over $30,000 to over $35,000.
What Happened to Bitcoin? BlackRock’s BTC ETF Removal Impact,What Happened to Bitcoin? BlackRock’s BTC ETF Removal Impact
It is noteworthy that open interest in Bitcoin futures jumped to an all-time high of $3.4 billion on Monday, according to statistics from the Chicago Mercantile Exchange (CME).
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This increase suggested that institutional investors were becoming more interested in cryptocurrencies.
Bitcoin was up more than 8% over the previous day at $33,600 as of the most recent cheque. The withdrawal of IBTC from the DTCC website serves as a reminder of the volatility of the cryptocurrency market, which is still quite vulnerable to news and regulatory events.
It is important to remember that BlackRock, a big player in the financial sector, could approve a spot Bitcoin ETF. This might have a big influence on the market for cryptocurrencies by encouraging institutional investment and acceptance.
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Still, the market’s response to these events is still erratic, as seen by the quick price swings that followed the takedown of the IBTC ticker.
What Happened to Bitcoin? BlackRock’s BTC ETF Removal Impact,What Happened to Bitcoin? BlackRock’s BTC ETF Removal Impact,What Happened to Bitcoin? BlackRock’s BTC ETF Removal Impact, Bitcoin Crypto news, Bitcoin News