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Bitcoin Price Swings
Earlier today, Bitcoin experienced a price surge as the asset management titan Fidelity reportedly prepared to file for a spot bitcoin ETF. This news pushed the cryptocurrency’s price from $30,600 to $31,000 in mere minutes. The rise was, however, ephemeral as Bitcoin quickly rolled back to $30,500 at the time of writing.
Market Reactions to Fidelity’s Move
The bitcoin market is reacting strongly to asset management firms showing increasing interest in the digital currency. Earlier this month, BlackRock, another asset management behemoth, also ignited a rush of spot bitcoin ETF filings and re-filings. Their iShares unit’s application to the SEC for a similar fund sparked a sizable rally in the bitcoin price.
Bitcoin’s Performance in 2023
Bitcoin has shown significant growth in 2023, with an 85% rally in the first half of the year. The world’s largest cryptocurrency by market value has outperformed traditional risk assets by a substantial margin. Despite this upward trajectory, Fairlead Strategies, a technical analysis research provider, remains neutral on the long-term prospects of Bitcoin.
The preparation by Fidelity to file for a bitcoin spot ETF is a significant development in the cryptocurrency landscape. Market participants continue to watch these developments closely, as the acceptance of Bitcoin in traditional investment vehicles has potential far-reaching impacts on the cryptocurrency’s future.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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