Bitcoin Surges Above $28,000 as BlackRock Seeks Bitcoin ETF Approval

Adekunle Joshua

Bitcoin surged past $28,000, hitting a two-week high, after BlackRock, the world's largest asset manager, filed for a Bitcoin exchange-traded fund (ETF) with the SEC

A Bitcoin ETF allows investors to buy and sell Bitcoin through shares of the fund, instead of directly owning the cryptocurrency

This could lead to increased institutional adoption and mainstream acceptance of crypto

BlackRock's proposed ETF aims to track Bitcoin's performance across major spot exchanges.

Coinbase Custody Trust Company will act as the custodian, ensuring the security of the fund's Bitcoin holdings

The news of BlackRock's filing has boosted Bitcoin's price to new highs, indicating growing confidence and interest in the crypto market

At present, Bitcoin is trading around $29,921, with a remarkable 10% gain in the last 24 hours

Over the last 24 hours, Ethereum rose by 7%, Cardano by 8.3%, DOGE by 5.5%, and Solana by 5.1%. The market is showing positive signs of recovery.

Following BlackRock's application, other US asset managers, like WisdomTree, have also sought permission to list Bitcoin ETFs

Although the SEC has yet to approve any proposals, BlackRock's move has rejuvenated the race for ETF approval

Bloomberg's senior ETF analyst, Eric Balchunas, believes BlackRock's approach may benefit crypto investors

The crypto market is buzzing with excitement as Bitcoin's rally continues and the prospect of more ETFs emerges.