IBTC Back on DTCC List, SEC Charges BlackRock with Failing to Disclose Investment

FXStreet
Updated Oct 25, 2023 08:33
Mitrade

IBTC, the ticker for BlackRock iShares Bitcoin Trust, made headlines during the early hours of the New York session after it disappeared from the catalog of the Depository Trust & Clearing Corporation (DTCC).


IBTC back on DTCC catalogue

BlackRock iShare’s Bitcoin Trust was a trending topic in the cryptocurrency community after its disappearance from the listing on DTCC. The incident caught the market by surprise as the DTCC website went down simultaneous to the delisting of IBTC, in what many attribute to traffic as investors sped off to confirm the developments.


In an interesting twist, however, the product is back online, relisted as the DTCC website is now accessible.

IBTC on DTCC, Souce: DTCC.


It comes after reports that financial regulator SEC levied charges against BlackRock, citing failure to disclose investments. Based on the announcement, the firm will have to part with up to $2.5 million in penalty fees.


Bitcoin price tries to reclaim $34,000

Riding on the news, the bulls have pumped Bitcoin price to reclaim above the $34,000 level, but downside risks remain as investors contemplate the price action. Even so, technical indicators remain in favor of the bulls, at least for now, suggesting the bulls could still lead the market.


The Relative Strength Index (RSI) is in the overbought zone but without sell signals, retaining its northbound orientation that reflects rising momentum. In this respect, Bitcoin price could still reclaim its October 24 high of $35,280, or in a highly bullish case, extrapolate to tag the $36,000 psychological level.

BTC/USDT 1-day chart, Souce: TradingView.


On the other hand, increased selling pressure could see Bitcoin price lose the $31,777 critical support, potentially going as low as the big psychological support of $30,000 before an attempt to cross below the $28,000 psychological level. In the dire case, the slump could see the people’s currency break below the $25,000 psychological level. Such a move would constitute a 25% drop below current levels.



* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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