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Peter Davis

An writer at FOMOdrive

  • Jun 30, 2023
  • 3 min read

Bitcoin (BTC): Giant Fidelity will apply for a spot ETF

Bitcoin coin laying on us dollar bill

Cameron Winklevoss proclaimed the commencement of a "massive accumulation of bitcoins" by major investors.

"Currently, eight of the biggest financial institutions in the United States are taking steps to give their customers access to bitcoin."

Circle founder believes that the SEC will eventually give the green light to spot bitcoin ETFs.

Bitcoin miners are disposing of their stockpiled reserves.

The income of a typical airdrop hunter was, on average, $9384.

According to Cameron Winklevoss, one of the founders of the Gemini cryptocurrency exchange, the surge of bitcoin to $30,000 signals the commencement of a “great accumulation of bitcoins” by major investors.

Sources from The Block have reported that Fidelity Investments, a major investment firm, is getting ready to submit an application to register a spot bitcoin ETF. This follows the June filings of BlackRock, WisdomTree, Invesco, and Valkyrie to launch a spot bitcoin ETF.

ARK Invest believes that BlackRock's filing for a spot bitcoin ETF could be a major milestone in bitcoin's journey towards being accepted by institutional investors. So far, the SEC has declined all requests for spot crypto ETFs.

Jeremy Allair, the founder and CEO of Circle, believes that the numerous bitcoin ETF applications that have been submitted recently will eventually be approved by regulators.

CoinShares reports that the eight largest US financial institutions, with a combined $27 trillion in assets under management, are taking steps to give their customers access to bitcoin and other cryptocurrencies.

According to Glassnode's calculations, miners have sold off a record-breaking $128 million worth of cryptocurrencies to exchanges, which is equivalent to 315% of their daily production.

Gary Gensler, the head of the Securities and Exchange Commission (SEC), will be addressing the US House of Representatives to explain the regulator's stance on a bill concerning the principles of registering digital assets for crypto exchanges. He will be discussing the differences between a cryptocurrency "security" and a product.

The SEC's attorneys' claims that Binance and Changpeng Zhao were violating the rules for handling US client deposits were not stopped by the court, as Binance's motion against the SEC was rejected.

MEPs have come to a consensus on the regulation of crypto assets in the banking sector. A transitional prudential regime has been established in order to protect the financial system from “unsecured cryptocurrencies” and minimize the risks for banks that possess such assets.

According to a joint study by X-explore and crypto journalist Colin Wu, the average revenue for a standard airdrop hunter was $9384 (median $6497) while the corresponding figures for the premium segment were $18,935 and $14,288.

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