Bitcoin ETF race begins: Has institutional trust returned to crypto?

Despite market volatility, global institutions show a steady interest in cryptocurrencies. Bitfinex chief technology officer Paolo Ardoino told Cointelegraph that Bitcoin represents tremendous value in terms of its utility and unique nature as a perfectly scarce asset that cannot ever be debased.

While many institutions distanced themselves from crypto over the past year, much of that was due to the public relations disaster brought on by FTX, with bank failures further exacerbating it. Richard Gardner, CEO of Modulus, told Cointelegraph that institutions foresaw the simmering of the crypto industry, and decided to lay low and sidestep the political and public response in the aftermath of FTX, thinking they’d be able to revisit their decision before crypto surged.

MicroStrategy — the leading investor in Bitcoin and one of the driving forces behind institutional adoption of BTC in 2020 — hasin 2023. When the firm faced major losses as the BTC price plunged below $16,500, CEO Michael Saylor maintained it had no intention of selling and would continue to add more BTC to its treasury. MicroStrategy currently hodls 152,333 BTC acquired for roughly $4.52 billion at an average price of $29,668 per Bitcoin.

She also stressed that growing interest from institutions could further crypto adoption, helping to spark the next bull run:

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nasdaq Resubmits Blackrock Spot Bitcoin ETF Application, Inks Agreement With Coinbase for Surveillance-Sharing – Bitcoin NewsAfter the filing was re-submitted, some market observers suggested the move could give Blackrock an advantage.
Source: BTCTN - 🏆 531. / 51 Read more »

First Mover Asia: Bitcoin Crosses $31K After Spot BTC ETF Issuers Begin RefilingBitcoin began Tuesday's Asia business day at $31,153 as the world’s largest digital asset rallied on Monday after prospective spot BTC ETF issuers re-filed their applications. ALSO: The first half of 2023 has been good for majors. By TheSamReynolds
Source: CoinDesk - 🏆 291. / 63 Read more »

Fidelity, VanEck, Invesco Amend Bitcoin Spot ETF Filings Following SEC's Warning (Report)Coinbase now plays a key role in almost all Bitcoin Spot ETF filings.
Source: Crypto_Potato - 🏆 568. / 51 Read more »

Not Just BlackRock: These Companies Have Also Filed for Spot Bitcoin ETF in the USBlackRock’s filing renewed the hopes of several U.S. traditional finance firms. Here's the list of companies that have resubmitted their applications.
Source: Crypto_Potato - 🏆 568. / 51 Read more »

First Mover Asia: Bitcoin Maintains $30K as Prospective Issuers Refile ETF ApplicationsPLUS: Japan is a regulatory success story when it comes to digital assets and Web3. But walking around the recent IVS Crypto Conference in Kyoto, one can’t help but feel that something is amiss.
Source: CoinDesk - 🏆 291. / 63 Read more »

Probability for U.S. Approval of a Spot Bitcoin ETF Is Fairly High: Bernstein.BernsteinBuzz says SECGov would rather a regulated $BTC ETF led by mainstream Wall Street participants with surveillance from regulated exchanges than a Grayscale OTC product filling the institutional gap. willcanny99 reports. BernsteinGautam
Source: CoinDesk - 🏆 291. / 63 Read more »