Bitcoin Jumps Past $25.7K After BlackRock iShares ETF Filing

Bitget App

Trade smarter

Bitget

News

Markets

Bitcoin Jumps Past $25.7K After BlackRock iShares ETF Filing

Coindesk2023/06/16 16:23

By:James Rubin

The largest cryptocurrency rose more than 1.3% in the hour after the announcement.

Bitcoin jumped past $25.700, a more than 1.3% gain, in the hour after the iShares unit of fund management powerhouse BlackRock (BLK) filed paperwork Thursday afternoon with the U.S. Securities and Exchange Commission (SEC) of a spot bitcoin () ETF.

Bitcoin dipped below $25,000 just a day earlier for the first time in three months and spent most of Thursday prior to the BlackRock announcement hovering just over that threshold. BTC's price sank amid concerns about U.S. central bank hawkishness and increasing U.S. regulatory scrutiny of the crypto industry.

But the BlackRock announcement rekindled optimism about the possibility of a spot bitcoin ETF, even after the SEC has rejected multiple applications over the past 18 months.

To be named the iShares Bitcoin Trust, the fund's assets are to "consist primarily of bitcoin held by a custodian on behalf of the Trust," according to the filing. That custodian will by crypto exchange Coinbase (COIN), said the filing.

CoinDesk reported on BlackRock's intention to soon file for a bitcoin ETF.

Edited by James Rubin.

172

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

Currently, the two main drivers of liquidity into the crypto market are ETF net inflows and new stablecoin issuances. Recently, several U.S. financial giants have applied to launch spot ETFs for assets such as XRP and LTC. If approved, these ETFs could present a significant opportunity for both the assets and the broader crypto market. Investors may consider positioning themselves early, particularly during market downturns, to capitalize on potential bullish catalysts.

Bitget VIP•2025/02/14 06:25