- The recent surge in cryptocurrency prices, especially Bitcoin, is attributed to BlackRock’s application for a spot Bitcoin ETF.
- Fidelity, whose previous Bitcoin ETF application was rejected by the SEC, is reportedly preparing to try again.
- These applications by leading asset management firms could trigger a competition for a Bitcoin ETF, which would be a significant advantage for the industry.
Major asset management firms BlackRock and Fidelity are believed to be behind the recent surge in cryptocurrency prices due to their applications for a Bitcoin ETF. This move could spark a competition among leading firms, which would be beneficial for the crypto industry.
BlackRock and Fidelity Stir the Crypto Market
Before BlackRock made its move, Fidelity had already submitted a Bitcoin ETF application. However, the Securities and Exchange Commission (SEC) rejected it. Now, Fidelity is reportedly gearing up to give it another shot. The company, which manages $11 trillion in assets, is preparing for a new spot Bitcoin ETF application.
Advantages for the Crypto Industry
The decision by these firms to apply for a Bitcoin ETF is seen as an undeniable advantage for the crypto industry. It could potentially ignite a competition between two of the world’s leading asset management companies for a Bitcoin ETF.
Positive Impact on Crypto Prices
Fidelity has not yet officially commented on the development. It’s worth noting that BlackRock, the world’s largest asset management firm, has a significant influence not only in the crypto market but also in the stock market. As a result, the excitement following the application has led to a rise in Bitcoin and altcoin prices. Bitcoin surpassed $31,000, and the total value of the crypto market approached $1.2 trillion.
