Bitcoin Approaches $29K Amid Fidelity ETF Amendment

Bitcoin

A few experts mentioned that the changes indicate that the U.S. Securities and Exchange Commission (SEC) is actively talking to parties involved in the matter.

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On Wednesday, Bitcoin reached its highest point in two months. This happened after Fidelity, a financial company, made changes to its spot Bitcoin ETF filings. These changes might suggest that there is good communication between the companies and the regulators.

Bitcoin, the largest cryptocurrency, surged to $28,817 today, a two-month high, thanks to changes in a U.S. spot Bitcoin ETF filing. In the past 24 hours, Bitcoin gained 2.8%, leading the way for major tokens. This boost extended its weekly increase to nearly 7%.

Fidelity, a major asset management company, filed an amendment for its proposed spot Bitcoin ETF, the Wise Origin Bitcoin Trust, with the U.S. Securities and Exchange Commission (SEC) on Tuesday. This filing outlined how they will protect customers‘ Bitcoin in custody accounts and disclose risks related to the uncertain regulatory environment surrounding cryptocurrencies, among other details.

Bitcoin ETF Amendments Spark Optimism

Fidelity, Ark Invest, and Invesco are among companies making changes to their spot Bitcoin ETF filings, suggesting ongoing discussions with the SEC. This news has created positive sentiment among traders and market observers.

If approved, a spot Bitcoin ETF could boost the overall market capitalization by at least $1 trillion in the coming months, with the current market cap at about $1.1 trillion. There was speculation about a Bitcoin ETF approval earlier this week, leading to a nearly 10% increase in Bitcoin’s value. BlackRock CEO Larry Fink noted this showcased significant investor interest in the crypto market.

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Some analysts predict Bitcoin will reach $29,400 in the coming days due to rising trading volumes.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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