The incipient collapse of standard financial markets and, in particular, the more significant decline in yields of US government bonds (US Bonds) has caused an increased interest in cryptocurrencies, and especially in the most widespread virtual currency Bitcoin (BTC), among investors and especially among those progressive and dynamically thinking participants of the financial market. The cryptocurrency with the highest market cap Bitcoin (BTC) was trading on digital currency marketplace Coinbase during European noon on Friday, October 20, 2023 at approximately 12:00 CET at a mutual exchange rate value of 29,830 against the US dollar (USD). .50 USD per BTC with a +3.63% daily growth of BTC against the USD. According to cryptocurrency market analysts, this dynamic increase in BTC is quite typical of this trading environment, and in the last 24 hours, BTC has increased by hundreds of USD per BTC. Based on the current development, the financial strategists of the virtual currency market predict the continued growth of the exchange value of BTC and give the current estimate of the target rate at the top dead center at a value of 30,124.08 USD per BTC for this week and then estimate the rate up to a value of 30,842.11 USD per BTC as the average value of his analytical predictions.
Despite a rough day for the crypto market, the price of Bitcoin (BTC) remained firmly above the $29,000 per BTC mark, and this stability can likely be attributed to Fidelity’s recent adjustments to its Bitcoin ETF proposal. As part of the changes, Fidelity outlined its strategies to protect customers’ bitcoin assets and transparently communicate the risks involved, economic reporters said. It’s worth noting that ARK Invest and Invesco took similar steps last week, adding momentum to ongoing dialogues with the SEC. Currently, investors’ attention has shifted towards the expected speech of Federal Reserve Chairman Jerome Powell at the Economic Club of New York. The Bitcoin ETF race is attracting attention because it represents a regulated way to take advantage of Bitcoin’s price dynamics. Despite the regulatory challenges, there is strong anticipation for approval as the traditional financial sector increasingly embraces cryptocurrencies. In particular, investment group BlackRock, the world’s leading asset manager, recently updated its application for a bitcoin exchange-traded fund (ETF) with the US SEC. In this recent post, they acknowledge the growing competition to ratify Bitcoin ETFs and expand the pricing and reporting mechanisms of their products, adds cryptonews.com’s economic correspondents.
BlackRock’s inaugural application for the ETF was submitted in June of this year, 2023, and by July of the same year, 2023, this application was expanded to include a tracking sharing agreement with Coinbase and Nasdaq. Their latest submission highlights that the Trust’s success is far from guaranteed, particularly given the stiff competition. Their rivals include Grayscale, a leading bitcoin trust fund. The app delves into how the Trust’s prize source is determined and offers clarity that was lacking in previous versions. In addition, BlackRock provides insight into their benchmark index calculation, aggregating bitcoin prices from multiple exchanges to power their ETF. Recently, BlackRock joined Ark Invest and Fidelity as the third contender to update its Bitcoin ETF app. Many industry analysts interpret these revisions as progressive steps toward gaining approval. The so-called buzz surrounding the updated Bitcoin ETF application by BlackRock and its peers may foster a positive atmosphere, and this could increase the value of bitcoin and boost investor confidence, cryptocurrency market analysts cited in economic news reported.