Bitcoin price hits $29,000 with numerous Bitcoin ETF applications.

Bitcoin (BTC), the largest cryptocurrency in the world, has experienced a remarkable 8% surge in the last 24 hours, bringing it closer to the $29,000 mark. At the time of writing, BTC is valued at $28,884 with a market capitalization of $560 billion. The recent cause of the BTC price hike has been the influx of spot Bitcoin ETF applications over the last week.

Bitcoin ETF Applications and Their Impact on BTC Price

On Monday, two asset managers, WisdomTree and Invesco, filed for spot Bitcoin ETFs with the US SEC. These filings followed financial behemoth BlackRock’s filing for a spot Bitcoin ETF within the same week. EDX Markets, a cryptocurrency exchange backed by firms such as Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp., also announced the beginning of its operations, contributing to the Bitcoin price rally.

Tuesday’s filing from WisdomTree indicates that the WisdomTree Bitcoin Trust will be listed on the Cboe BZX Exchange under the ticker BTCW. Invesco, a $1.5 trillion asset manager, also filed for a spot Bitcoin ETF on the same day. This is the second time that both entities have submitted their Bitcoin ETF application to the SEC. In 2021, Invesco filed for a futures-based Bitcoin ETF but withdrew the application at the last minute.

SEC Hurdles

The SEC has denied numerous applications for spot Bitcoin ETFs over the years. However, with the support of the world’s largest financial giants, this time could be different. Following BlackRock’s filing, Bitcoin investors have renewed optimism. Interestingly, the share price of the Grayscale Bitcoin Trust rose by 25% after BlackRock’s filing. In the days following the world’s largest ETF issuer’s submission of the iShares Bitcoin Trust application, the Grayscale Bitcoin Trust (ticker GBTC), valued at $16.9 billion, has performed better than the actual cryptocurrency. As a result, the discount on GBTC’s underlying Bitcoin holdings has decreased to approximately 37%, compared to the 44% discount observed a week ago.

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