May 29, 2024
Bitcoin Approaches $29K as Fidelity ETF Amendment Boosts Bullish Sentiment
Bitcoin News

Bitcoin Approaches $29K as Fidelity ETF Amendment Boosts Bullish Sentiment

Bitcoin (BTC) experienced a significant surge, reaching as high as $28,817, driven by amendments to a spot bitcoin ETF filing in the United States, igniting a wave of bullish sentiment. In the past 24 hours, the largest cryptocurrency added 2.8%, hitting a two-month high, outpacing other major tokens. This advance extended its weekly rally to nearly 7%.

Asset management giant Fidelity submitted an amendment to its proposed spot bitcoin ETF, the Wise Origin Bitcoin Trust, to the U.S. Securities and Exchange Commission (SEC) late Tuesday. The amendment specifies how Fidelity intends to safeguard customers’ Bitcoin in custody accounts and disclose risks related to the uncertain regulatory landscape surrounding cryptocurrencies, among other factors. This move follows similar amendments by Ark Invest and Invesco to their spot bitcoin ETF filings, indicating ongoing discussions between prospective ETF providers and the SEC, which has helped boost bullish sentiment among traders.

James Seyffart, a research analyst at Bloomberg Intelligence, noted, “More proof that potential spot Bitcoin ETF issuers are in communication with SEC regarding changes/amendments required for SEC to consider approving. Positive signs (in my opinion).”

The potential approval of a spot bitcoin ETF is anticipated to add at least $1 trillion to the overall cryptocurrency market capitalization, which currently stands at $1.1 trillion, in the coming months. Earlier this week, speculation about the approval of a spot bitcoin ETF caused a nearly 10% jump in Bitcoin’s price, a move that BlackRock CEO Larry Fink suggested demonstrated the pent-up investor interest in the crypto market. Prices continued to rise even after the initial rumor was debunked.

Furthermore, some analysts are predicting that Bitcoin could touch $29,400 in the coming days, citing increasing trading volumes. According to Kuptsikevich, “Buyer interest is concentrated around Bitcoin. Current positions near $28,500 indicate bullish dominance, and the market could quickly move to the $29.4K level.”

Image By Sketchepedia

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