Bitcoin Price Prediction: BTC Surges 9%; BlackRock & Grayscale Boost ETF Efforts
Despite a challenging day for the crypto market, Bitcoin price remained steadfast above the $29,000 threshold. This stability can likely be attributed to Fidelity's recent modifications to its Bitcoin ETF proposal.
Within these changes, Fidelity delineated its strategies to safeguard customer Bitcoin assets and transparently communicate associated risks.
It's worth highlighting that ARK Invest and Invesco undertook similar actions last week, adding momentum to ongoing dialogues with the SEC. Presently, investor focus has shifted towards Federal Reserve Chair Jerome Powell's anticipated speech at the Economic Club of New York.
The race for Bitcoin ETF draws attention as it presents a regulated avenue to tap into Bitcoin price dynamics. Despite regulatory hitches, there's strong anticipation for approval as the traditional finance sector increasingly embraces crypto.
The market remains upbeat, with potentially sizeable inflows if ETFs are approved. While Bitcoin holds firm above $29,000, Ethereum hovers around $1,600, with overarching macroeconomic uncertainties persisting.
Notably, BlackRock, the globe's premier asset manager, has recently updated its application for a Bitcoin exchange-traded fund (ETF) to the US SEC. In this recent submission, they acknowledge the burgeoning competition for Bitcoin ETF ratification and expand on their product's pricing and reporting mechanisms.
BlackRock's inaugural ETF application was tabled in June 2023. By July, they had refiled, embedding a surveillance-sharing agreement with Coinbase and Nasdaq. Their newest filing emphasizes that the Trust's success is far from guaranteed, especially given the fierce competition. Among their rivals is Grayscale, a leading Bitcoin trust fund.
The
Read more on cryptonews.com
