{"id":31245,"date":"2023-07-04T09:35:22","date_gmt":"2023-07-04T13:35:22","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/bitcoin-and-cryptos-rally-unfazed-by-blackrock-etf-worries\/"},"modified":"2023-07-04T09:35:23","modified_gmt":"2023-07-04T13:35:23","slug":"bitcoin-and-cryptos-rally-unfazed-by-blackrock-etf-worries","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=31245","title":{"rendered":"Bitcoin and Cryptos Rally, Unfazed by BlackRock ETF Worries"},"content":{"rendered":"
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Bitcoin (BTC) and the broader crypto market held on to their recent gains on Tuesday, with Bitcoin appearing to hold support above the $31,000 level.<\/p>\n

As of Tuesday at press time, BTC traded just north of $31,000, up 1.2% for the past 24 hours, while Ethereum\u2019s native ETH token was more or less unchanged over the same period, trading at $1,960.<\/p>\n

Most other major coins were also little changed for the past 24 hours, holding on to their gains from late June.<\/p>\n

On a 7-day basis, the best performer among the top 100 cryptoassets by market capitalization was decentralized finance (DeFi) protocol Compound\u2019s COMP token, which rose close to 58%.<\/p>\n

The token was followed by MakerDAO\u2019s governance token MKR, which gained 49% over the same time period.<\/p>\n

Confusion around BlackRock\u2019s ETF filing<\/h2>\n

The strong performance by major cryptoassets in recent days has come despite concerns and speculation surrounding asset management giant BlackRock\u2019s filing for a spot Bitcoin exchange-traded fund (ETF).<\/p>\n

Initially, the concerns were focused on a Wall Street Journal article that claimed staffers at the Securities and Exchange Commission (SEC) had said the filings were not \u201cclear and comprehensive\u201d enough.<\/p>\n

Then, the various ETF issuers that had applied to list a spot Bitcoin ETF, including Fidelity, WisdomTree, VanEck and Invesco, all re-submitted their applications with updated information about the crypto exchange they would work with, as requested by the SEC.<\/p>\n

All of the ETF providers named Coinbase as the exchange they would work with.<\/p>\n

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What concerned the market later was why BlackRock re-submitted its filing so much later than all the other applicants, leading some to speculate<\/a> that the firm had lost interest in a Bitcoin ETF.<\/p>\n

However, things turned out not to be as bad as some had assumed, with information later surfacing that BlackRock had indeed re-filed on June 29 but Nasdaq had not updated its website to reflect that.<\/p>\n

\u201cThey just added Coinbase like everyone else,\u201d Bloomberg\u2019s Balchunas pointed out was the only thing that stood out about the re-filing.<\/p>\n

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