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Oct 19,2023

As the Fidelity ETF Amendment Spurs Bullish Sentiment, Bitcoin Approaches $29K

On Wednesday, Bitcoin surged to a two-month peak when Fidelity became one of the companies modifying their spot bitcoin ETF filings.

The changes might suggest that there is open dialogue between the companies and the authorities.

As optimistic optimism was stoked by changes to a spot bitcoin ETF filing in the United States, bitcoin (BTC) surged to a high of $28,817 earlier today.

The biggest coin gained 2.8% over the last day to hit a two-month high and top gains among significant tokens. The increase brought the weekly increase to nearly 7%.

The massive asset management company Fidelity submitted an amendment to the U.S. Securities and Exchange Commission (SEC) late on Tuesday regarding its proposed spot bitcoin ETF, the Wise Origin Bitcoin Trust. The amendment outlines, among other things, how the company will protect customers' bitcoin in custody accounts and disclose risks associated with the unstable regulatory landscape surrounding cryptocurrencies.

Ark Invest and Invesco, who both just modified their spot bitcoin ETF filings, are two companies that Fidelity follows. On October 11, Invesco refiled, and a day later, Ark Invest did the same. According to market observers, these events are probably an indication of continuing talks between potential ETF providers and the SEC, which is boosting traders' optimism.

Additional evidence that prospective spot Bitcoin ETF issuers are in contact with the SEC about the modifications or adjustments needed in order for the SEC to consider approving Research analyst James Seyffart of Bloomberg Intelligence wrote a post on X today. 

When the clearance is granted, as some companies anticipate, it will add at least $1 trillion to the current $1.1 trillion market value.

BlackRock CEO Larry Fink said that earlier this week's rumours of a spot bitcoin ETF being approved caused the price of bitcoin to rise by over 10% and demonstrated the "pent up" investor enthusiasm in the cryptocurrency sector. Even after it was established that the rumour was untrue, prices rose.

Meanwhile, citing rising volumes, some analysts predict that bitcoin will reach $29,400 in the next days.

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