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Bitcoin briefly rallies above US$30,000 following Grayscale’s new ETF application

Bitcoin briefly rallies above US$30,000 following Grayscale’s new ETF application

Kong, fueled by recent developments around possible spot Bitcoin exchange-traded funds (ETFs) approvals in the United States. Bitcoin changed hands at US$29,708 at 6:40 p.m. in Hong Kong, according to CoinMarketCap.

See related article: Binance freezes over 100 accounts on Israeli police request: Financial Times

Fast Facts

  • Bitcoin briefly reclaimed the US$30,000 mark a day after Grayscale submitted a new spot Bitcoin ETF application with the U.S. Securities and Exchange Commission (SEC).
  • If accepted, Grayscale would convert its Grayscale Bitcoin Trust, the world’s largest Bitcoin fund, into a spot Bitcoin ETF on the New York Stock Exchange (NYSE) Arca.
  • “A spot Bitcoin ETF has immense appeal for traditional institutional and retail investors. It would provide exposure to the largest cryptocurrency by market capitalization without having to manage wallets and the related storage and security issues,” said Jeff Mei, chief operating officer of the BTSE crypto exchange, in a statement shared with Forkast. 
  • Bitcoin’s price rose to a two-month high of US$29,388 on Monday, after crypto media outlet Cointelegraph inaccurately reported on X (formerly Twitter) that the SEC approved the spot Bitcoin ETF application of BlackRock, the world’s largest asset manager.
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