After a temporary dip below $34,000, Bitcoin bounced back. In this Pooyan Music post, we examine why Bitcoin retook $34,000.
Amid a tumultuous day marked by confusion over ETF approvals, Bitcoin recouped its losses to reach the prestigious $34,000 level again.
Bitcoin, the flagship of digital currencies, has managed to regain the precious level of $34,000 after a temporary one-day drop. Clarification by the Tanker Trust and Clarification Corporation (DTCC) probably contributed to the price increase.
Speculation surrounding the possibility of BlackRock and other Bitcoin ETF applicants getting the green light has driven Bitcoin to its biggest two-day rally in seven months.
That bullish sentiment hit a snag when BlackRock’s iShares Bitcoin Trust, known as IBTC, was suddenly delisted from the DTCC. This move, whether due to a technical error or premature registration, resulted in a sharp drop in the price of Bitcoin.
The previous listing created a lot of excitement in the market. Because many saw it as a step closer to the imminent launch of the crypto ETF and possible official confirmation.
However, DTCC explained that the appearance of an ETF on their website is a standard preparation step. Therefore, it does not show the regulatory approval status. Interestingly, the ETF was listed on the site since August. After this clarification, the price of Bitcoin returned to the $34,000 level.
Bitcoin is holding steady at $34,116 after gaining 18.6% last week, according to data from CoinGecko. Ethereum, the second most dominant cryptocurrency, is trading at $1,792.29, up 14 percent over the same period.
Solana is the best performer at $31.38 after recording a 29.8% gain for the week. According to CoinGecko data, Bitcoin’s dominance is currently over 51%.