BlackRock's spot Bitcoin ETF, known by the ticker "BTC", experienced a brief disappearance from the Depository Trust and Clearing Corporation's (DTCC) website, only to reappear a few hours later.
This unexpected event triggered a surge in Bitcoin's price, reaching new yearly highs, as markets speculated on the potential approval of a spot ETF.
The surge in Bitcoin's price coincided with developments regarding BlackRock's proposed spot Bitcoin ETF.
On 23 October, analyst Scott Johnson, in a post on X (formerly known as Twitter), highlighted two pieces of information that suggest the possibility of the investment giant nearing approval for a spot Bitcoin ETF.
Johnson noted that BlackRock had obtained a specific "CUSIP" license and might soon initiate the process of "seeding" its spot ETF product with funds as early as this month.
As could be seen from the chart, BTC had a dramatic price surge.
Accompanying the sudden price surge was an uptick in Bitcoin's spot trading volume.
At the time of reporting, the spot trading volume had surged to surpass $35 billion within the preceding 24 hours, reflecting a 241% increase within the same timeframe, as reported by CoinMarketCap.
BTC Ticker Disappeared
Shortly after the ticker quietly vanished from the website, Bitcoin's price witnessed a nearly 3% decline, underscoring the significance of ETF-related developments in influencing trading activity.
After a few hours, the ticker is listed on the website again.
Crypto Market Volatility
The cryptocurrency market is renowned for its inherent volatility, characterised by rapid and substantial price fluctuations within short timeframes.
This volatility is fueled by a combination of factors, including speculative trading, market sentiment, the diverse mix of market participants, and the uncertainties surrounding emerging blockchain technologies and projects.
Positive news and trends could trigger buying frenzies, while negative developments could lead to panic selling.
This environment could present trading opportunities but also carries significant risks, making risk management a crucial aspect of engaging with the cryptocurrency market.
* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.