After surprising the market with a rise of 24% in the last seven days, Bitcoin fell by around 3% in a few minutes this Tuesday afternoon (24), halting a rise that seemed unstoppable. The main reason for the withdrawal could be related to BlackRock’s ETF filing.
While many attribute the week’s increase to the addition of the IBTC ticker, from the BlackRock ETF, to the Depository Trust & Clearing Corporation (DTCC) website, the decline may be related to the removal of the same ticker.
Although the DTCC website is currently down, the ticker’s ‘disappearance’ was reported by Joe Light, a journalist at Barron’s, on his social networks.
“Wait, with today’s update, the iShares Bitcoin Trust (IBTC) has now been removed from the DTCC?”
Even without fully understanding what’s happening, Erich Balchunas, an analyst at Bloomberg, seemed surprised by the decision but pointed out some reasons that may have led the DTCC to remove the ticker from BlackRock’s Bitcoin ETF.
“I’m not completely shocked. I suspect they were told or want to wait until there are days left, not weeks or months. Like I said, it was surprising to see [o ticker IBTC] over there.”
Oh yeah, look at that… good catch, not quite shocked. I suspect they were told or wanted to wait until it was days away and not weeks or months away. Like I said, it was surprising to see it there
— Eric Balchunas (@EricBalchunas) October 24, 2023
Using Twitter as a chat, Van Buren Capital’s Scott Johnsson joined the conversation and noted that this does not change BlackRock’s progress at his request.
“It doesn’t change the fact that Blackrock is rushing to ensure it’s ready for launch. The SEC probably doesn’t like to give the impression that it is being cornered.”Johnsson said.
Regardless, the market ended up being spooked by the takedown, causing Bitcoin to lose 3% in a few minutes with a slight increase in trading volume.
Terror spreads through social media
Almost at the same time, Binance CEO Changpeng Zhao published a warning of sorts for investors, pointing out the dangers of market volatility and offering tips for less experienced investors.
“Cryptocurrencies are volatile. Remember to apply sensible risk management while trading. If you don’t know what TP/SL (Take Profit/Stop Loss) means, you need to learn more about it.”
Crypto is volatile.
Remember to apply sensible risk management while trading. If you don’t know what TP/SL means, you need to learn more about it.
Screenshot of a demo. pic.twitter.com/sz7SFn0kuX
— CZ 🔶 Binance (@cz_binance) October 24, 2023
In the comments, an investor asks Zhao if his tweet has any connection to the removal of the IBTC ticker that ultimately generated a slight but sudden drop in all cryptocurrencies.
‘Was that a coincidence, Mr. CZ? The ticker for BlackRock’s spot Bitcoin ETF, IBTC, has just been removed from the DTCC website.”
Finally, Bitcoin once again acted as a volatile, aggressive and sensitive asset to any minimal market signal. Old-timers celebrate and miss these sudden movements, but newcomers may find this roller coaster strange in terms of graphics.
This proves that Bitcoin rose above $34,000 again before the end of this writing, making it difficult to even write about this topic.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
