How Will Bitcoin Institution-Backed SEC Deal With BlackRock Today?
Fidelity Considers Preparing For New Challenges Toward Bitcoin Spot ETF.
How Will Bitcoin Institutional Securities Deal With BlackRock?
The U.S. Securities and Exchange Commission (SEC) has seen Bitcoin prices fall due to stricter regulations, but changes are taking place. One of the main reasons is that BlackRock, the world's largest asset management company, has applied for a Bitcoin spot exchange-traded fund (ETF). This raises the possibility that traditional financial institutions could lead the virtual asset market after U.S. authorities reduced the influence of existing virtual asset exchanges.
Bitcoin recently gained ground and hit its highest level this year. The rise began as BlackRock filed for Bitcoin spot ETF listing. In addition, other institutions also seem to have applied for Bitcoin spot ETF listing, giving the market momentum.
In particular, it is noteworthy that BlackRock appeared after the SEC filed a lawsuit against global exchanges such as Binance and Coinbase. As a result, Wall Street institutions are expected to enter the coin market anew after U.S. authorities regulate the coin market centered on individual investors. Some say that the SEC tends to bring virtual assets to regulations of traditional U.S. financial institutions rather than hostile positions.
Attention is focused on whether BlackRock, the world's largest asset manager, will pass its Bitcoin spot ETF application. BlackRock is highly reliable, with almost all of the ETFs applied to date approved. However, the SEC may not be easy to pass again this time, as it has refused to apply for Bitcoin spot ETFs in the past.
In this application, BlackRock set Bitcoin trading platform surveillance as a shared key with Nasdaq, reducing the possibility of market manipulation. However, considering SEC Chairman Gary Gensler's tough attitude, it is analyzed that the application will be difficult to pass.
Experts say Bitcoin, which is not constrained by U.S. SEC regulations, may continue to draw attention in the digital asset market, and further gains are expected. However, in the short term, there is a possibility of overheating, highlighting the possibility of exceeding the level of $40,000 and further gains.
Fidelity Prepares For New Challenges Toward Bitcoin Spot ETF
Fidelity To Apply For Bitcoin Spot ETF With Big Asset Managers
U.S. asset management firm Fidelity will apply to U.S. securities regulators for a Bitcoin spot exchange-traded fund (ETF). As a result, Fidelity is known to be planning to launch a Bitcoin spot ETF with other large asset managers.
The Block, a media outlet specializing in the blockchain industry, reports that Fidelity is expected to move with other large asset managers to launch Bitcoin spot ETFs. In the last two weeks, financial giants such as BlackRock, Wisdomtree, Invesco, VanEck and Bitwise have reportedly filed new applications for spot Bitcoin ETFs with the U.S. Securities and Exchange Commission (SEC). As these big asset managers continued to pay attention to cryptocurrency, the price of Bitcoin surpassed a one-year high of $31,000.
Fidelity is based in Boston and has recently joined a consortium that includes a cryptocurrency exchange called EDX Markets. The chief market analyst at foreign exchange information provider OANDA predicts there is a lot of optimism about the launch of Bitcoin ETFs, and analysts say the launch could open up opportunities for more institutional funds and high-value asset owners to invest in cryptocurrencies.
The U.S. SEC has allowed futures-based Bitcoin ETFs to track the price of Bitcoin futures contracts since October 2021, but has rejected dozens of applications for spot Bitcoin ETFs, citing market manipulation. Fidelity was also denied an application for a spot Bitcoin ETF in January 2022. However, after BlackRock, the world's largest asset manager, recently submitted an application for a spot Bitcoin ETF, an atmosphere of reversal has formed in the cryptocurrency market.
Cryptocurrency industry officials expect the spot Bitcoin ETF application to be seen as a confidence vote for the cryptocurrency industry, creating an opportunity for top retailers serving global consumers to rely on as institutions like Fidelity provide expertise and consignment services.
