Crypto Investor Maneuvering Boosts Bitcoin Price to $28K Range.
Bitcoin price holds $28K range as institutional investor maneuvering boosts sentiment

Crypto Positive Investor Sentiment Fuels Bitcoin Price

Bitcoin (BTC) price continues to demonstrate resilience this week, reaching an intra-day high of $28,516 despite the macroeconomic headwinds in the United States. It is possible that a portion of BTC’s price stability can be attributed to the growing institutional activity and crypto positive investor interest in Bitcoin.

On October 17th, Fidelity Investments, a major asset management institution, updated their proposed spot Bitcoin ETF filing with the Securities and Exchange Commission (SEC). This ETF, the Wise Origin Bitcoin Trust, outlined how Fidelity plans to secure customers’ Bitcoin in custody accounts and highlighted the risks associated with the unstable regulatory landscape of cryptocurrencies.

Fidelity is following in the footsteps of other big institutions such as ARK Invest and Invesco, who also revised their spot Bitcoin ETF filings. ARK Invest refiled on October 11th, while Invesco refiled on October 13th.

These actions demonstrate an ongoing dialogue between ETF applicants and the SEC, something ARK Invest CEO Cathie Wood alluded to on ETF Edge this week, stating:

Bitcoin ETF Approval and Grayscale’s Win

The recent comments from Wood and Fidelity’s filing have provided a positive outlook for Bitcoin. Grayscale Bitcoin Trust (GBTC), a Bitcoin investment vehicle similar to an ETF, has seen its net asset value (NAV) premium discount since Dec. 9, 2021.

Grayscale was given a victory by the SEC on Oct. 14, when the commission reportedly declined to appeal an Aug. 29 ruling by the U.S. Court of Appeals, which means their ETF will now be reviewed.

Despite the momentum, the SEC continues to delay Bitcoin ETF approval. Analysts anticipate that when approval is granted, it could potentially add at least $600 billion in new crypto demand for Bitcoin. On Oct. 16, BlackRock CEO Larry Fink spoke about Bitcoin on Fox Business, after false spot BTC approval news sparked a rally.

Categorized in:

Tagged in: