On the Bitstamp exchange earlier today, the price of one bitcoin rocketed to a one-year high of $31,431. A growing fervor surrounding a flurry of exchange-traded fund (ETF) filings served as the spike’s driving force.
The Volatility Shares 2x Bitcoin ETF, which is set to debut on Tuesday, has been touted as effective and adds to the optimism.
Trade analysts agree that this transfer is being regarded as a possible hint that the SEC is softening its previously hostile position towards Bitcoin. The BITX announcement, which comes after the successful launch of BITO, provides more evidence of a changing regulatory environment.
Direxion and ProShares, both of which have 2X Bitcoin futures functionalities, abruptly withdrew their registrations on June 1 and June 7, adding a fascinating twist to the story as it developed.
Business analysts are forced to wonder whether these firms were afraid of being rejected or simply reluctant to take a backseat in the market with the introduction of volatility shares.
according to U.BlackRock and Invesco, two major players in asset management, have recently entered the Bitcoin ETF market, suggesting growing popular acceptance.
The largest asset manager in the world, BlackRock, recently filed for a Bitcoin ETF with the intention of promoting the cryptocurrency. BlackRock’s sustained interest in the leading cryptocurrency is demonstrated by this transfer, but the chances of the SEC approving a spot ETF remain slim.
In order to stay current, Invesco, a major ETF provider, and Galaxy Digital have reapplied for a position in a Bitcoin ETF. Following BlackRock’s utility is Invesco’s decision to reapply, which was first made in the autumn of 2021.
