Bitcoin flirts with 52-week high on ETF plans
It’s been a while since the original cryptocurrency saw front-page coverage.
The ‘crypto winter’ cooled more than prices — enthusiasm waned, too.
But the mainstream press dusted off the cryptocurrency and thrust it back to the spotlight.
The reason?
Bitcoin got close to its 52-week high on the back of plans by BlackRock to launch a Bitcoin exchange traded fund.
The cryptocurrency is currently trading just above US$30,000 and was around US$25,000 just days ago.
Here’s Bloomberg reporting overnight:
‘Crypto investors have drawn succour from the start of a digital-asset exchange, EDX Markets, backed by firms including Citadel, Fidelity and Charles Schwab. Separately, BlackRock and WisdomTree have applied in quick succession to launch spot US bitcoin exchange-traded funds.
‘Those moves dissipated some of the gloom caused by a US Securities and Exchange Commission crypto crackdown that includes lawsuits against exchange operators Binance and Coinbase. The agency in the process designated a raft of digital tokens as unregistered securities.
‘“The rally is backed by institutional demand,” said Hayden Hughes, co-founder of social-trading platform Alpha Impact. “The BlackRock announcement on a Bitcoin ETF, plus EDX Markets, gave bitcoin a boost on hopes that traditional institutions will add depth to the crypto market.”’
