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BlackRock Resubmits Bitcoin ETF Application, Crypto Market Surges

New filing includes information that Coinbase will offer market surveillance to support the ETF, says Bloomberg.

Major cryptocurrencies surged on Monday evening as Blackrock resubmitted its Bitcoin exchange-traded fund (ETF) application in the United States.

BlackRock has submitted an amended application for a Bitcoin ETF after the SEC deemed their initial filing inadequate. 

According to a Bloomberg report, BlackRock’s new filing includes information that Coinbase, the custodian for the proposed ETF’s Bitcoin holdings, will offer market surveillance to support the ETF.

The price of Bitcoin soared above $31,000 as several potential Bitcoin ETF issuers resubmitted their applications, garnering positive market sentiment.

At the time of writing, the global crypto market capitalization stood at $1.22 trillion, an increase of 1.19% over the last day. 

Cryptocurrency symbols. Major cryptocurrencies surged on Monday evening. Photo by Kanchanara on Unsplash.

The U.S. stock market experienced a modest increase on Monday in a shortened session. The S&P 500 closed higher by 0.12%, and the Nasdaq Composite saw a gain of 0.21%. 

On account of the upcoming Fourth of July holiday, US markets closed early on Monday and will remain closed on Tuesday.

“Over the weekend, false reports circulated that SEC Chair Gensler was going to resign after an internal investigation. Crypto traders are growing impatient, but it might be a while before we get some meaningful news regarding Grayscale’s lawsuit or further Bitcoin ETF clarity. ” wrote Edward Moya, Senior Analyst at OANDA in a note seen by Zenger News.

He adds, “Bitcoin appears to be stuck in a range again, trading between $28,000 and $31,500. “

According to crypto analyst Michael Van de Poppe, there is currently little to no movement in the Altcoin market, resulting in a lack of belief and confidence among investors. “Just watch how fast sentiment can switch.”

On-chain analytics firm Santiment has noted that the surge in Bitcoin’s price dominance in 2023 has resulted in an increased focus on the leading cryptocurrency. However, it is crucial to also monitor the performance of other assets such as ETH, ADA, XRP, BNB, and more, which are currently receiving lesser attention.


© 2023 Zenger Zenger News does not provide investment advice. All rights reserved.

Produced in association with Benzinga

Edited by Arnab Nandy

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