• BlackRock, the world’s largest asset manager, has submitted an application to the SEC for a Spot Bitcoin ETF.
• This move has helped Bitcoin prices recover from their dip below $25,000 and is creating a wave of bullish energy throughout the market.
• Trading signals suggest that investors are betting on a continued recovery in the price of Bitcoin, potentially pushing it towards the $28,000 mark.
BlackRock Submits Spot BTC ETF Application
BlackRock, the world’s largest asset manager, has submitted an application to the U.S. Securities and Exchange Commission (SEC) for a Spot Bitcoin ETF called the iShares Bitcoin Trust. The approval of this trust could provide a straightforward investment method in Bitcoin for investors and significantly boost its price if approved.
Bullish Momentum in Crypto Market
The news of BlackRock’s application has ignited bullish momentum in the crypto market, helping Bitcoin prices recover from their dip below $25,000 to $25,500 after a grim few weeks of market activity. Trading signals also suggest that investors are betting on a continued recovery heading into the weekend which could push its prices towards $28,000.
Legal Dispute with Grayscale
The SEC is currently entwined in a legal dispute with Grayscale regarding its Grayscale Bitcoin Trust transformation into an ETF which will likely have a significant impact on BlackRock’s application when decided later this year.
Interest Rates Impacting Crypto Prices
The Federal Reserve’s recent decision on interest rates caused a decline in Bitcoin’s value; however, new optimism spurred by BlackRock’s actions appears to be reversing this trend as data shows an increase of 2% in its price over 24 hours since announcement of their application submission.
Investors Betting On Further Recovery
Signals such as Moving Average Convergence Divergence (MACD) indicate that traders are aiming at securing long positions and expecting further recovery in BTC prices due to increased optimism surrounding Blackrock’s move.