Bitcoin Hits $30K, Reaching New Heights in 2023

• Bitcoin price witnessed a rally following BlackRock’s submission of a spot BTC ETF.
• BTC has increased by 5.12% during the past 24 hours.

Despite concerns surrounding the economy and regulatory actions targeting particular crypto exchanges, Bitcoin’s price exhibited remarkable resilience, surging past $30,000 and demonstrating sustained growth over the past few days. Reports indicate that the present value of BTC stands at $30,331.07, accompanied by a 24-hour trading volume of $31,662,818,930. Within the last 24 hours, BTC has risen by 5.12%.

Following BlackRock’s submission of a spot BTC ETF application to the SEC on June 15, Bitcoin’s price saw a notable rally, and BlackRock stands out as the largest applicant among all current contenders for a Bitcoin ETF. With over $8.5 trillion in assets under management, BlackRock, the world’s largest asset manager, has chosen Coinbase as the custodian for the BTC held in the trust, as stated in the filing submitted to the SEC.

Investment Firms Follow BlackRock’s Lead

Following BlackRock’s recent application, four additional investment firms have taken steps to file for spot Bitcoin exchange-traded funds (ETFs), capitalizing on the momentum created by the investment giant’s move. On Tuesday, June 20, WisdomTree, an ETF provider, re-submitted their application seeking regulatory approval for the launch of the WisdomTree Bitcoin Trust. The trust is planned to be listed on the Cboe BZX Exchange with the ticker symbol “BTCW.”

Having approximately $93 billion in assets under management, New York-based WisdomTree has faced rejection from the U.S. SEC twice in its pursuit of approval for a spot Bitcoin ETF. The SEC declined their applications in December 2021 and October 2022. 

Invesco Makes a Move

Invesco, a renowned investment company managing an impressive $1.49 trillion in assets as of May 2023, submitted its application for a spot Bitcoin ETF on Tuesday, mirroring the actions of WisdomTree. In the past, Invesco made attempts to introduce a Bitcoin futures ETF but ultimately halted their endeavors in October 2021. This decision came after ProShares’ futures ETF obtained approval and commenced trading ahead of them. 

Speculations are rife that Fidelity, a renowned investment giant, is preparing to enter the crypto sector by developing a Bitcoin ETF of its own. Moreover, rumors indicate that Fidelity is exploring the possibility of acquiring Grayscale, a leading crypto asset manager, as part of its ambitious foray into the crypto industry.

In a trend seen across several financial firms, Valkyrie, a cryptocurrency fund manager, has submitted an application for a Bitcoin spot exchange-traded fund (ETF) to the United States Securities and Exchange Commission (SEC). On June 21, Valkyrie filed an S-1 registration form for its Bitcoin spot ETF, with intentions to list the fund on the Nasdaq exchange under the ticker symbol BRRR.

Albeit, due to concerns about the volatility and potential market manipulation associated with cryptocurrencies, the SEC has consistently denied or delayed decisions on a physical Bitcoin ETF. However, the recent surge in applications, triggered by BlackRock’s filing last week, indicates that major asset management giants are recognizing the increasing demand for regulated investment options in the crypto industry.

Recommended For You:

Bitcoin (BTC) Price Prediction 2023