Revitalized Push for the First U.S. Bitcoin Spot ETF

The pursuit of the inaugural Bitcoin spot exchange-traded fund (ETF) in the United States is building momentum, spurred on by BlackRock’s latest submission. The move has not only reinvigorated past applicants but also attracted fresh contenders, all vying for U.S. Securities and Exchange Commission (SEC) approval to list their crypto ETFs.

While the SEC’s final decision on a Bitcoin ETF remains uncertain, BlackRock’s bid has reignited the competition amid increasing regulatory scrutiny of the crypto sector. To provide further context, ETFs are investment funds that are traded on exchanges, similar to individual stocks, and they offer a way for investors to diversify their portfolios without owning the underlying assets.

Wall Street Titans Fuel the Launch of New Crypto Exchange, EDX Markets

Despite the existing regulatory climate, Wall Street heavyweights are throwing their support behind the newly minted crypto exchange, EDX Markets. The fresh entrant to the U.S. crypto scene has received significant backing from influential financial institutions such as Citadel Securities, Fidelity Investments, Paradigm, Sequoia Capital, and Charles Schwab.

Initially, EDX is supporting trading for only four cryptocurrencies: Bitcoin, Ether, Litecoin, and Bitcoin Cash. However, the company has ambitious plans and expects to introduce EDX Clearing in the forthcoming months – a clearinghouse intended to settle trades executed on the EDX Markets platform.

BlackRock’s Bitcoin ETF Proposal Fuels Industry Optimism and Inspires New Submissions

Following BlackRock’s lodgement of a similar application on June 15, at least three other investment firms have submitted requests for spot Bitcoin ETFs. This underscores the influence of BlackRock, one of the world’s largest asset management firms, in shaping trends in the investment landscape. If approved, these ETFs could provide investors with an easy and secure way to invest in Bitcoin without the need to manage digital wallets or private keys.

CleanSpark Invests $9.3 Million in Expanding Bitcoin Mining Infrastructure

Crypto mining company, CleanSpark, continues its aggressive infrastructure expansion in the U.S. by procuring two Bitcoin mining facilities in a deal worth $9.3 million. The newly acquired infrastructure will significantly boost CleanSpark’s hash rate, marking a significant step in their journey towards a target hash rate of 16 EH/s by the end of 2023.

Gemini Eyes Asia-Pacific Region for Future Crypto Expansion

Crypto exchange Gemini is planning to extend its presence into the Asia-Pacific region. The company will increase staffing at its Singapore office and establish an engineering division in India. This move aligns with Gemini’s strategy to explore different markets, especially in the face of increased regulatory pressure on crypto firms in the United States.

Closing Thoughts: BlackRock’s BTC ETF Filing Drives Bitcoin to $28,000

In the recent episode of The Market Report, Cointelegraph’s Marcel Pechman explores the reasons behind Bitcoin achieving a 50% crypto market dominance for the first time in two years. The significant event coincides with BlackRock’s spot ETF filing and the U.S. SEC’s increasing scrutiny on altcoins.

Remember, diversifying your investments can minimize risk, and ETFs offer an excellent opportunity to gain exposure to a broad range of assets. If approved, a Bitcoin ETF could provide a straightforward way for more individuals to invest in cryptocurrency, boosting its mainstream acceptance. As the crypto landscape continues to evolve, staying informed about new developments is vital to make informed investment decisions.