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BlackRock ETF Application Caused BTC, ETH to Surge

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Bitcoin and Ethereum – the world’s largest cryptocurrencies by market cap – rose to new levels in late June following several weeks of traveling through the doldrums, and the moves appear to stem from some new bitcoin-based exchange-traded fund (ETF) applications from two of the largest financial companies around: Wisdom Tree and BlackRock.

BlackRock Does Big Things for BTC

Both bitcoin and Ethereum weren’t doing so hot throughout the month of June prior to this news. The assets were slipping a bit more each week, largely due to headlines that both Binance and Coinbase were being sued by the Securities and Exchange Commission (SEC). It got to the point where bitcoin, briefly, fell into the $24K range, while Ethereum itself wasn’t doing much better. Then, suddenly, the tables really turned.

Cameron Winklevoss – one half of the Winklevoss Twins, which run the popular Gemini crypto exchange in New York – was quick to comment on the situations surrounding the two ETFs from both BlackRock and WisdomTree. He said:

Anyone watching the flurry of ETF filings understands the window to purchase pre-IPO bitcoin before ETFs go live and open the floodgates is closing fast. If bitcoin was the most obvious and best investment of the previous decade, this will likely be the most obvious and best trade of this decade.

Michael Saylor – the former CEO of software giant and major BTC institution MicroStrategy – was also there to throw his two cents into the mix, stating:

The window to front-run institutional demand for bitcoin is closing.

Among the sentiments that are stemming from the news around the ETFs is that BlackRock, at least, has a chance of getting its application supported and approved by the SEC given how close it’s been with the federal financial agency. The company has had more than 500 applications approved by the SEC. To this day, it only has one rejection on its record.

What’s also interesting about the BlackRock application is that Coinbase – a company now getting sued by the SEC – is listed as the custody partner of the company. What this could potentially do regarding the lawsuit the agency has against the exchange remains a mystery, but it should at least throw a monkey wrench (albeit a small one) into the mix.

A Huge Step Forward?

The news of the price surges surrounding bitcoin and Ethereum is a huge and welcome change from what we’ve been seeing in recent days, and especially from where both assets were last year. During 2022, arguably the worst period on record for the world’s biggest cryptocurrency, the digital asset fell from about $68,000, it’s new all-time high (which it achieved in November of 2021), to around $16,600, thus constituting a near 70 percent fall from grace.

Ethereum and several leading altcoins were quick to follow in BTC’s footsteps.

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

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