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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

BTC Continues Uptrend As Fidelity Plans To Submit Bitcoin Spot ETF Filing

Samuel Edyme
Samuel Edyme
11 months ago
3 mins read
Bitcoin (BTC)

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Financial market titan Fidelity is reportedly preparing to throw its hat into the Bitcoin exchange-traded fund (ETF) ring. An insider source reveals that the asset management colossus is in the advanced stages of preparing a filing for a spot Bitcoin ETF.

If true, this move would make Fidelity the latest entrant into the burgeoning field of issuers vying to be the first to launch such a product.

This potential development follows BlackRock’s recent ETF proposal. BlackRock’s move, announced on June 15, has ignited a flurry of activity among asset managers eager to introduce their own spot BTC funds. With a filing potentially submitted as early as Tuesday, Fidelity seems set to follow suit.

Fidelity In The Bitcoin ETF Spotlight

Fidelity’s rumored filing marks its second foray into Bitcoin ETF territory. In 2021, the company initially submitted a proposal for a Bitcoin spot exchange-traded fund dubbed the Wise Origin Bitcoin Trust. However, the United States Securities and Exchange Commission (SEC) rejected the filing in early 2022.

Related Reading: BlackRock Inches Closer To Launching Bitcoin ETF: Potential Impact On BTC Price

The introduction of a spot Bitcoin ETF is seen as a pivotal moment in the market, offering investors exposure to BTC without the necessity of handling the asset itself.

Didar Bekbauov, founder and CEO of Bitcoin group mining company Xive told NewsBTC the renewed clamor for Bitcoin ETF is hinged on three key factors.

Bekbauov noted:

Firstly, it is the provision for a large number of investors from traditional stock markets to invest in Bitcoin. Secondly, the possibility of a huge amount of capital flow into the ETF which will overflow into Bitcoin which, in turn, will push the price of Bitcoin up. Also, another factor driving the hype is that more people, more investors and large investment companies are considering Bitcoin as a serious investment.

Indeed, Fidelity is a comparable giant in the financial world. Boasting tens of millions of retail brokerage clients and $11 trillion in administrated assets, the company has long been a player in the crypto space.

Since 2018, Fidelity has provided institutional custody and trading services. Moreover, it has been offering fund products to European clients via Fidelity International since February 2022.

BTC Continous Uptrend Fuels Market Optimism

As Fidelity’s potential ETF filing is currently in anticipation, Bitcoin’s price action over the past week adds a layer of intrigue to the narrative. BTC has seen an uptrend, with the asset marking a 14.9% increase over the same period.

Bitcoin (BTC)’s price chart on TradingView
Bitcoin (BTC)’s price moving sideways on the 4-hour chart. Source: BTC/USD on TradingView.com

At the time of writing, Bitcoin currently trades at $30,822 nearing the $31,000 region. The asset is currently up 0.6% in the last 24 hours with a 24-hour trading volume of $15.9 billion. It is worth noting that the uptrend is in tune with the increased interest from institutional players such as Fidelity and BlackRock.

Particularly, it’s a reflection of growing confidence in the long-term prospects of the digital asset, providing further evidence that BTC is fast becoming a mainstay in the broader investment landscape.

Related Reading

Bitcoin (BTC)

Crypto Analyst Predicts: Bitcoin (BTC) To Reach $69,000 And Above In 2023

11 months ago

While the imminent filing for a Bitcoin ETF by Fidelity remains unofficial, its potential impact on the financial landscape cannot be overstated.

Not only could it cement Bitcoin’s place in the mainstream investment universe, but it could also underscore the growing recognition and acceptance of cryptocurrency in the world of traditional finance.

Featured image from iStock, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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