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The recent rise in Bitcoin’s price was quickly halted today when the Depository Trust & Clearing Corporation (DTCC) removed the ticker for BlackRock’s iShares Bitcoin Trust fund from its list of approved securities. The move has raised questions about the likelihood of Bitcoin ETFs being approved in the near future.
In response to the news, the Bitcoin price dropped from a high of $9,351 to a low of $9,049 in just a few minutes. The cryptocurrency is currently trading back at $9,242 at the time of writing.
BlackRock’s iShares Bitcoin Trust fund was the first product of its kind to be approved by the DTCC, a clearinghouse used by banks and financial institutions to process and settle trades for equities, bonds, and derivatives. The fund was expected to launch later this month, and is still awaiting a final sign off from the U.S. Security and Exchange Commission (SEC).
The news comes at an inconvenient time, as the SEC is scheduled to make a decision on a number of Bitcoin ETF applications by the end of September.
The removal of the ticker brings further uncertainty to the introduction of a Bitcoin ETF into the market. While a few of the ETF applications have been met with positive reactions, the majority of them have yet to receive full approval from the SEC and any further delay in the process could prevent the ETFs from launching this year.