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Home Crypto News

BlackRock Files Application for Bitcoin ETF, Inspiring Competitors and Boosting Crypto Market

  • By Muneeb Bashir
  • June 24, 2023
  • 4:40 pm
BlackRock
Image source: Isabelle OHara / Shutterstock.com
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The recovery in the cryptocurrency market gained momentum this week following a cooling of U.S. inflation and a groundbreaking move by BlackRock, the world’s largest asset manager. BlackRock filed an application with the U.S. Securities and Exchange Commission (SEC) for a Bitcoin spot Exchange-Traded Fund (ETF), a significant development considering the SEC’s historical skepticism towards crypto-related ETFs. While several companies have applied for ETFs in the past, none have received approval from the SEC, despite Canadian regulators granting approval for several Bitcoin spot ETFs.

The potential approval of a Bitcoin spot ETF holds substantial implications for investors. It would provide an avenue for them to invest in Bitcoin and participate in its potential gains or losses. However, investors would have the assurance that their investment is protected, unlike those who directly purchase and store cryptocurrencies.

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If any company stands a chance of obtaining SEC approval for an ETF, it is BlackRock. With a staggering $9 trillion in assets under management and a success rate of 575-1 in getting ETFs approved by the SEC, BlackRock’s application has inspired other U.S. asset managers to follow suit. WisdomTree, Invesco, and Valkyrie all filed fresh ETF applications this week, demonstrating the growing interest and confidence in the cryptocurrency market.

The news of the ETF applications coincided with a surge in the prices of Bitcoin (BTC) and Ethereum (ETH) this week. Bitcoin, the largest cryptocurrency, experienced an 18% increase, reaching its current price of $30,486. Ethereum, the second-largest cryptocurrency, rallied 12.7% and traded at $1,893 at the start of the weekend. This positive momentum extended to other cryptocurrencies as well, with many of the top thirty cryptocurrencies by market capitalisation experiencing double-digit percentage gains. Notably, Bitcoin Cash (BCH), a fork of Bitcoin, soared by a staggering 80.5% over the past seven days, currently trading at $186.90.

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Amidst the focus on SEC approvals and asset managers, other stories emerged to highlight the ongoing adoption of cryptocurrencies worldwide. In the United Kingdom, a trial project backed by the Bank of England explored the potential for a central bank digital currency (CBDC). The findings emphasised the benefits of a centrally-issued sterling-pegged digital currency, highlighting its ability to foster innovation and meet the future needs of a digitalised society. Additionally, the British parliament advanced the Financial Services and Markets Bill, which proposes regulations for stablecoins, cryptocurrencies, and crypto promotion.

In Germany, Deutsche Bank made headlines by applying for a digital asset custody platform license with the Federal Financial Supervisory Authority (BaFin), signaling the bank’s interest in expanding its involvement in the cryptocurrency industry.

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On the regulatory front in the United States, during a hearing on monetary policy, Federal Reserve Chair Jerome Powell expressed the belief that the central bank should play a robust federal role in crypto regulation. Powell also acknowledged the staying power of Bitcoin and implied the same about stablecoins.

In the world of digital payments, Ripple, the progenitor of XRP, received an in-principle payments license in Singapore. Ripple has faced regulatory challenges in the United States, with an ongoing lawsuit filed by the SEC since 2020. To mitigate risks and pursue growth, Ripple, like Coinbase, has turned its attention to global expansion.

The combination of BlackRock’s ETF application, regulatory developments, and market surges underscores the increasing adoption and maturation of cryptocurrencies. As the crypto industry navigates regulatory landscapes and continues to attract traditional financial institutions, investors and enthusiasts eagerly anticipate further advancements in the space.

Please note that the information provided in this article is based on the current market conditions and regulatory landscape at the time of writing. Cryptocurrency markets are highly volatile, and regulatory decisions can evolve over time.

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Disclaimer: Clout Scoop, an independent web-3 media company, delivers real-time news and insights on global trends, cryptocurrencies, stocks, and NFTs for informational purposes only. We want to clarify that our content does not constitute financial advice, and neither Clout Scoop nor our journalists endorse or recommend specific financial actions. We do not solicit funds, provide investment recommendations, or offer financial advice that involves monetary transactions. Readers are encouraged to conduct their own research and seek professional guidance before making any financial decisions. It is important to note that any investment-related decisions made based on our articles are at the reader's own risk, and Clout Scoop and our journalists bear no responsibility for the outcomes. We appreciate our readers' discernment and advocate for a prudent and informed approach to financial matters.

Muneeb Bashir

Muneeb Bashir

Muneeb Bashir is a journalist at Clout Scoop with a diverse skillset and a passion for delivering quality news. In addition to his work as a journalist, he is also a civil engineer, committed to making a difference in the world. Muneeb's unique background and perspective, combined with his dedication to excellence, make him a valuable asset to the Clout Scoop team. Originally from Qazigund Anantnag Kashmir, Muneeb brings a wealth of knowledge and experience to his reporting.

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