As investors’ enthusiasm about Fidelity Investments and BlackRock’s applications for spot Bitcoin spurs hopes of a fresh bull market, the price of Bitcoin reaches a year-to-date high.
Today’s price of BTC tickers below $30,713 and is up, reaching 2023 high of $31,432. The latest increase in the price of BTC coincides with an increase in institutional inclination toward the cryptocurrency from businesses like Fidelity Investments and BlackRock, both have signed up for a BTC Exchange Trade Fund. The bad news regarding the SEC taking action against Coinbase and Binance seems to have been overshadowed by institutional interest, as optimistic investors continue to outnumber BTC shorts.
A Bitcoin Rise Has Been Sparked By Institutional Interest
After BlackRock submitted an application for a BTC Exchange Trade Fund in the US on 15th June, the price of Bitcoin began to increase. BlackRock is the biggest of the current candidates, despite not being the very first to submit an application to the U.S. Securities and Exchange Commission for a BTC exchange-traded fund. Despite multiple candidates, including Cathie Wood’s 21Shares and ARK, which has submitted three applications for approval, the U.S. Securities and Exchange Commission has yet to approve a spot Bitcoin ETF. Grayscale is another business that was turned down for a BTC Exchange Trade Fund. Following the denial, the business sued the SEC in an appeals court to defend the legitimacy of the future of Bitcoin.
With more than $8.5T in assets under management, BlackRock has always been one of the largest managers of assets in the world. As per the SEC filing, the company will also use Coinbase to store the Bitcoin in the trust. The Grayscale ETF has benefited from the application as well, while the discount has been getting close to the 2023 high of around 35%.