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Bitcoin surged above $30,000 on Thursday for the first time since April. Impressive: Prices have increased by more than 80 percent since the beginning of the year.
At the beginning of June, Bitcoin was still showing weaknesses. The US Securities and Exchange Commission (SEC) has sued several crypto exchanges, including Binance. This has made crypto investors nervous.
However, the market has calmed down again. Since June 14, the curve has been pointing steeply upwards. The course went from $24,853 to over $30,000.
The cryptocurrency was backed by Blackrock. The world’s largest wealth manager may soon face a coup: Blackrock is about to get approval for the first US-listed Bitcoin ETF, writes news agency AWP.
The SEC has received about 30 such applications to date. But so far, they have all been rejected due to possible market manipulation. According to market watchers, the luck is now good. But what’s different about the Bitcoin fund Blackrock is planning now?
The ETF is based on a Share Oversight Agreement. This means that investors need to identify themselves. In addition, information is exchanged about, among other things, the trading and clearing activities of the fund. The name of the fund will be “iShares Bitcoin Trust”.
Blackrock wants to launch the fund together with crypto exchange Coinbase. This provider in particular has a case from the SEC around its neck. Accusation: Coinbase operates an illegal U.S. stock exchange. However, the same crypto exchange is now required to hold the fund’s Bitcoin assets.
Other crypto exchanges promoted by Blackrock have also applied for a Bitcoin ETF. Among other things, Wisdomtree, a fundraiser, and investment firm Invesco, write crypto platform btc-echo.com.
Also, new players in the crypto market are fueling the Bitcoin route. US entrepreneur Charles Schwab, 52, is co-founding a fully regulated crypto exchange called EDX with Fidelity and Citadel Securities.
In addition to Bitcoin, other cryptocurrencies have also benefited from good news from the industry. Ethereum has climbed from $1.2 to over $1.5 since mid-June. The price of Binance Coin also rose from $ 231.2 to over $ 250 during the same period. However, the cryptocurrency is still a long way off from its late May high of $310.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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