The price of Bitcoin is nearing its highest level in a year, amid news that “Fidelity”, financial asset management company, is preparing to apply for a license for a cryptocurrency spot exchange-traded fund “ETF”.
The price of the world’s largest cryptocurrency (by market cap) hit $30,855 at 10:25 am in New York, close to a one-year high of $31,411 on June 23.
The rally comes as Fidelity is expected to file for a license for a bitcoin exchange-traded fund, according to a report by crypto-trading news publication The Block, citing an unnamed source. The report said the company may file its filing as soon as Tuesday.
“The launch of a physical ETF will open the door to new cash flows that will lead to a gradual impact in terms of volume and interest,” says Darius Tabatabai, co-founder of Vertex Protocol.
This is not the first time that Fidelity has attempted to obtain a trading license for Bitcoin; Her application to establish the Wise Origin Bitcoin Trust was rejected by the US Securities and Exchange Commission in 2022.
Fidelity spokeswoman Megan Gomes has refused to comment.
Asset management giant “BlackRock” submitted its application on June 15 to license a Bitcoin spot exchange fund, boosting the price of the cryptocurrency last week to a new high this year. There were about 30 attempts to license Bitcoin spot trading services as of last week, according to a tally from Bloomberg Intelligence.
