Bitcoin BTC, Ethereum and crypto prices have been mired in severe uncertainty in recent months, with the chief executive of Binance issuing a “clear” warning over its future.
subscribe Now Forbes Cryptoasset and Blockchain Advisor And successfully navigate the Bitcoin and crypto market rollercoaster
The price of Bitcoin has fallen after a bullish run in the first few months of the year, leading to a rally in the price of Ethereum and other major cryptocurrencies as the market braces for an “imminent” potential disaster.
Now, despite Bitcoin’s price printing an ominous “death cross” pattern, Franklin Templeton, the asset manager overseeing $1.5 trillion, has increased its weighting based on a growing number of spot Bitcoin exchange-traded fund (ETF) filings – which is a The SEC insider branded it “inevitable.”
At the start of a sprint you need the latest information most! Sign up now for free cryptocodex,A daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market
More from Forbes ‘Extremely Concerned’ – Fed Issues Serious Crypto Warning as Bitcoin and Ethereum Price ‘Death Cross’ Threatens $120 Billion By Billy Bambrough
There is a $17.7 trillion volatility in the Bitcoin and crypto market, which could wreak havoc… [+] With the price of Bitcoin and the price of Ethereum.
AFP via Getty Images
Franklin Templeton has filed with the US Securities and Exchange Commission (SEC) this week for a spot bitcoin ETF, joining a flurry of applications launched by BlackRock, the world’s largest asset manager, in June and also including Fidelity, Invesco Galaxy, WisdomTree. They manage assets worth $17.7 trillion.
According to the filing, the Franklin Bitcoin ETF, traded on the Cboe BZX exchange, “will generally reflect the price performance of Bitcoin before the fund’s expenses are paid,” joining the growing list of Wall Street veterans that are most Trying to be first. market.
“Franklin Templeton’s move to file for a Bitcoin ETF adds new momentum and urgency to the ongoing movement for Bitcoin ETF approval,” Alex Edelman, chief executive of bitcoin rewards app Lolli, said in email comments. The development comes as a powerful demonstration of confidence in Bitcoin by one of the world’s largest financial players.”
Last month, a court ruled that the SEC was wrong to reject crypto asset manager Grayscale’s proposal to convert its Bitcoin Trust entirely into a spot Bitcoin ETF, raising market expectations dramatically that SEC approval was imminent. Might be possible. However, in early September, the SEC postponed its decision on most major spot Bitcoin ETF filings until October.
Sign up now for cryptocodex-A free, daily newsletter for the crypto-curious
More from Forbes: Binance CEO issues ‘frank’ warning amid fears of imminent price decline for Bitcoin, Ethereum and crypto – Billy Bambrough
The price of Bitcoin has climbed off the lows hit late last year, helping the price of Ethereum… [+] Back with the rest of the crypto market.
Forbes Digital Assets
“The filing also reflects Grayscale’s recent victory against the SEC against a $1.5 trillion asset manager, suggesting that this decision has boosted institutional optimism toward a Bitcoin ETF,” Edelman said.
Meanwhile, there is a race to bring both spot and futures-based Ethereum ETFs to market, with hopes rising that the SEC will not block the dozen applications currently filed with the regulator.