Bitcoin Closes To $29,000 After Big Funds’ Spot Bitcoin ETF Application

Key Points:

• Bitcoin (BTC) price is approaching the $29,000 mark with a gain of more than 6% after receiving support from a series of significant funds.
• Wisdomtree is the seventh company to apply for a spot in Bitcoin ETF in less than a week.
• This shows that these big players want a legal environment that is clearer and fairer than today.

In the gloomy regulatory environment of the United States, Bitcoin has received a strong cheer, with a nearly 7% increase in the past 24 hours from the uprising of a series of traditional asset management companies.

In less than a week, seven major asset managers have filed applications for a spot Bitcoin ETF with the SEC, including Blackrock, Fidelity, Citadel, Charles Schwab, Deutsche Bank, MasterCard, and WisdomTree. Bitcoin has recorded a 6.5% gain in the past 24 hours towards $28,900.

This momentum is largely due to the fact that WisdomTree today participated in the registration drive. Earlier, banking giant Deutsche Bank said on Tuesday that it had applied for a digital asset custody license in Germany. Cryptocurrency exchange EDX Markets, which has received funding from financial heavyweights including Charles Schwab (SCHW), Citadel Securities, and Fidelity Digital Assets, has begun offering trading with BTC and ether (ETH) on the same day. Last week, investment management giant BlackRock (BLK) surprised the market by applying to a spot BTC exchange-traded fund (ETF).

The bitcoin rally is certainly correlated with the news that all these larger traditional financial institutions are looking to get serious exposure to the digital asset ecosystem following the regulatory pressures of the day. US, including lawsuits against cryptocurrency exchanges Binance and Coinbase.

The ETF applications reflect the industry’s effort to provide investors with regulated options for participating in the Bitcoin market and highlight the growing recognition of Bitcoin’s potential in the financial tradition.

This news has softened the relatively bleak regulatory environment in the United States. And it also suggests that these big players are looking for a regulatory environment that is both clearer and fairer than today.

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