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- The price of Bitcoin experienced a surge following BlackRock’s application for a spot BTC ETF.
- BTC has risen by 5.12% in the last 24 hours.
In spite of worries regarding the economy and regulatory measures aimed at specific crypto exchanges, Bitcoin’s price has shown significant strength, climbing above $30,000 and maintaining upward momentum over recent days. Current reports indicate that BTC is valued at $30,331.07, with a 24-hour trading volume of $31,662,818,930. Over the past 24 hours, BTC has increased by 5.12%.
BTC price chart (source: TradingView)
After BlackRock submitted its application for a spot BTC ETF to the SEC on June 15, Bitcoin’s price experienced a significant rally, with BlackRock emerging as the largest applicant among all current Bitcoin ETF contenders. As the world’s largest asset manager, overseeing more than $8.5 trillion in assets, BlackRock has selected Coinbase as the custodian for the BTC held in the trust, as detailed in the filing to the SEC.
Investment Firms Follow BlackRock’s Example
In the wake of BlackRock’s recent application, four other investment firms have initiated filings for spot Bitcoin exchange-traded funds (ETFs), leveraging the momentum generated by the investment powerhouse’s actions. On Tuesday, June 20, WisdomTree, an ETF provider, re-filed its application seeking regulatory approval for the establishment of the WisdomTree Bitcoin Trust. The trust is intended to be listed on the Cboe BZX Exchange under the ticker symbol “BTCW.”
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With around $93 billion in assets under management, New York-based WisdomTree has encountered rejection from the U.S. SEC on two occasions in its quest for approval for a spot Bitcoin ETF. The SEC turned down their applications in December 2021 and October 2022.
Invesco Takes Action
Invesco, a prominent investment firm managing approximately $1.49 trillion in assets as of May 2023, submitted its application for a spot Bitcoin ETF on Tuesday, reflecting the steps taken by WisdomTree. Previously, Invesco attempted to launch a Bitcoin futures ETF but ultimately ceased those efforts in October 2021. This decision followed ProShares’ futures ETF receiving approval and starting trading ahead of them.
There are widespread speculations that Fidelity, a well-known investment firm, is preparing to enter the cryptocurrency market by developing its own Bitcoin ETF. Additionally, there are rumors suggesting that Fidelity is considering acquiring Grayscale, a leading crypto asset manager, as part of its strategic entry into the crypto sector.
In a trend observed among various financial firms, Valkyrie, a cryptocurrency fund manager, has filed an application for a Bitcoin spot exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC). On June 21, Valkyrie submitted an S-1 registration form for its Bitcoin spot ETF, intending to list the fund on the Nasdaq exchange under the ticker symbol BRRR.
However, due to concerns regarding the volatility and potential for market manipulation linked to cryptocurrencies, the SEC has consistently rejected or postponed decisions on a physical Bitcoin ETF. Nonetheless, the recent influx of applications, spurred by BlackRock’s filing last week, suggests that major asset management firms are acknowledging the growing demand for regulated investment opportunities within the cryptocurrency sector.
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Bitcoin (BTC) Price Prediction 2023
