Bitcoin Hits $30,000 As BlackRock Leads Wave of ETF Filings

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    Bitcoin’s price surged Wednesday, breaking the psychological $30,000 mark for the first time since April, as BlackRock-led institutional investors showed renewed interest in the top cryptocurrency.

    Bitcoin surged 10% to top $30,700 on the day, hitting the threshold for the first time since April 10, according to the report. data From CoinGecko. The market followed the lead of crypto assets, with altcoins such as Ethereum rising. At the time of writing, Bitcoin is trading at $30,215.

    Wednesday’s price hike extended a bull market in which bitcoin’s price surged more than 21% over the past week. Ethereum, the second most valuable digital asset after Bitcoin, rose 17% to $1,906 over the same period.

    Bitcoin price ($)

    BlackRock Filed for Bitcoin ETF

    The recent surge in the Bitcoin price has prompted BlackRock, the world’s largest asset manager with $9.5 trillion in assets under management, to Application Application for Spot Bitcoin Exchange Traded Fund (ETF) to the US Securities and Exchange Commission (SEC).

    The BlackRock ETF will own bitcoins held by Coinbase, the largest cryptocurrency exchange in the United States. In addition, New York-based investment bank BNY Mellon has been designated as the ETF’s cash custodian.

    The SEC approved bitcoin futures ETFs in 2021, but rejected several spot ETF applications, citing concerns over the security and fraud prevention and investor protection capabilities of pre-applicants. But given BlackRock’s reputation with the SEC, observers are optimistic about BlackRock’s bid.

    Also read: Bitcoin Transaction Fees Soar 960% as Ordinals Spam Network

    according to reportBlackRock has pledged to enter into a “surveillance sharing agreement” with the operators of bitcoin’s spot trading platform (presumably Nasdaq) to help mitigate market manipulation. This increased the company’s chances of success, observers say.

    Earlier this week, crypto asset management firm CoinShares announced that there had been a shift in institutional investor sentiment following BlackRock’s filing for a spot Bitcoin exchange-traded fund.

    Following the filing, investment firms Wisdom Tree and Invesco both filed spot Bitcoin ETFs with the SEC. Meanwhile, EDX Markets, a cryptocurrency exchange backed by Fidelity, Charles Schwab and Citadel Securities, launched June 20th.

    CEO Jamil Nazarari said the exchange aims to attract huge amounts of money by “bringing the best of traditional finance to the cryptocurrency market.”

    MicroStrategy Founder and Executive Chairman Michael Thaler commented on what many in the crypto industry see as a systematic foray into the industry by Wall Street. tweeted: “The window for institutional demand for bitcoin is closing.”

    regulatory crackdown

    ETFs allow investors to buy assets that track the price of Bitcoin without actually owning the underlying asset directly. Investors tend to lean toward ETFs, among other things, because it’s a much easier way to get into Bitcoin.

    Bitcoin fell below $25,000 for the first time since March on June 25, amid market uncertainty.The trigger for the decline was the SEC lawsuit He voted against Binance, Coinbase, and the Federal Reserve’s decision to hold off rate hikes this month.

    The cryptocurrency industry has faced increased regulatory scrutiny since the FTX bankruptcy and subsequent arrest of founder Sam Bankman-Fried on fraud charges in December. Since then, Bitcoin has nearly doubled in value, but remains 56% off its all-time high of $69,000 on Nov. 10, 2021.

    BlackRock leads wave of ETF filings, bitcoin hits $30,000 first appeared on MetaNews.


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