Bitcoin (BTC) reached a two-month high of $28.8K, up 2.8% in the last 24 hours, on the back of revisions to spot Bitcoin ETF registrations in the United States
Bitcoin (BTC) reached a two-month high of $28.8K, up 2.8% in the last 24 hours, on the back of revisions to spot Bitcoin ETF registrations in the United States. Fidelity has filed a modification to its planned spot Bitcoin ETF, the Wise Origin Bitcoin Trust, following in the footsteps of Ark Invest and Invesco. The amendment covers safeguards for customers' Bitcoin in custody accounts, as well as hazards linked with the regulatory landscape around cryptocurrencies.
These recent filings indicate continuous conversations between ETF providers and the Securities and Exchange Commission (SEC), which is feeding traders' optimism. Analysts believe that a spot Bitcoin ETF, if allowed, could contribute at least $1 trillion to the current market value of $1.1 trillion. Despite misleading rumors earlier in the week about the approval of the spot Bitcoin ETF, Bitcoin's price has remained over the $28K mark.
The amendments filed by Fidelity and other firms have sparked bullish sentiment among traders and market observers.
James Seyffart, a research analyst at Bloomberg Intelligence, posted on X:
Bitcoin is enjoying price spikes and increased trading volumes as Fidelity and others amend proposals while the market awaits approval.
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