Bitcoin Surges 8.03% as Market Bitcoin Price Surges as WisdomTree, Invesco and BlackRock Apply for Bitcoin ETFTops 50%

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iShares, Bitwise, WisdomTree, and Invesco, have just submitted proposals for a Bitcoin ETF, signaling a significant advance in the crypto business.

Bitcoin (BTC), the leading cryptocurrency, has experienced a remarkable surge in recent days, with its price coming in at $28,887.88, up by 8.03% within a 24-hour period and by 11.44% over the last week. The revival in the price of Bitcoin has marked a significant pivot point for most altcoins which are now printing their multiweek high at the moment.

These significant gains have once again captured the attention of investors and enthusiasts alike, as Bitcoin’s market value has now reached an impressive 51%.

Bitcoin Surge Fueled by ETF Filings

As highlighted by Wu Blockchain, one crucial factor that has contributed to Bitcoin’s recent surge is the growing acceptance and adoption of crypto by mainstream institutions. Notably, the entry of BlackRock Inc (NYSE: BLK) into the Spot Bitcoin ETF pursuit has helped to legitimize Bitcoin as a viable investment option, instilling confidence in potential investors.

Four notable investment management firms, iShares, Bitwise, WisdomTree, and Invesco, have just submitted proposals for a Bitcoin ETF, signaling a significant advance in the crypto business.

Bitwise, a prominent crypto asset management company, has also applied for the inclusion of Bitwise’s Bitcoin ETP Trust on a major stock exchange like NYSE Arca. If approved by the SEC, the proposed exchange-traded product (ETP) would provide investors with a convenient and regulated vehicle to gain exposure to Bitcoin’s price movements without directly owning the crypto.

Similarly, Invesco Ltd (NYSE: IVZ), a renowned global asset management organization with over $1.5 trillion in Assets Under Management (AUM), has made a brave foray into the realm of Bitcoin ETFs. Invesco’s decision to enter the Bitcoin ETF market with its substantial AUM is a result of careful analysis and strategic planning.

As an investment giant, Invesco is known for its meticulous assessment of market trends and thorough evaluation of potential opportunities. The company’s move to apply for a Bitcoin ETF suggests that it has conducted extensive research and analysis to identify the long-term potential and viability of Bitcoin.

SEC Identifies Altcoins as Securities

In a related development, the US Securities and Exchange Commission (SEC) has recently identified a substantial number of altcoins as securities. This classification has significant implications for the regulatory treatment of these assets, as securities fall under specific regulatory frameworks designed to protect investors.

Some of the assets tagged as security by the market regulator include Cardano (ADA), Solana (SOL), and Polygon (MATIC) amongst others.

The SEC’s identification of altcoins as securities means that issuers of these cryptocurrencies must comply with applicable securities laws and regulations. This increased scrutiny could lead to stricter oversight, including registration requirements, disclosures, and investor protection measures. The classification of altcoins as securities also poses potential challenges for their trading on crypto exchanges and may limit their availability to retail investors.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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