First Mover Americas: Fidelity Joins the Rush for Spot Bitcoin ETF

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First Mover Americas: Fidelity Joins the Rush for Spot Bitcoin ETF

Coindesk2023/06/30 15:12

By:Lyllah Ledesma

The latest price moves in crypto markets in context for June 30, 2023.

This article originally appeared in , CoinDesk’s daily newsletter putting the latest moves in crypto markets in context..

Asset management giant Fidelity has paperwork for its Wise Origin Bitcoin Trust, a spot bitcoin exchange traded fund (ETF).The move comes roughly two weeks afterfor the iShares Bitcoin Trust, also a spot bitcoin ETF. Fidelity in 2021 had originally applied to launch the Wise Origin Bitcoin Trust, but that effort was in 2022. Since the BlackRock spot ETF filing earlier in June, a number of other fund companies have done similar, including and , and a report earlier this week said a Fidelity filing . Bitcoin () didn’t move a lot on the news Thursday afternoon, but an overnight rally took the price briefly above $31,000. It’s since fallen back a bit to $30,800.

Bitcoin cash (BCH) continues to at a breakneck speed in the wake of Fidelity, Charles Schwab and Citadel-backed EDX Markets' decision to debut on June 20, with BCH being one of the only four coins available for trading on the exchange. The cryptocurrency has gained another 30% in the past 24 hours to a 14-month high of $320, taking its cumulative gain since EDX's debut on June 20 to 183%, show. The latest price surge is backed by a notable increase in trading activity on South Korea's most prominent digital assets exchange, Upbit.

Binance, the world’s largest cryptocurrency exchange by market value, its institutional clients are for the next year and beyond, according to a survey it conducted between March and May 2023. The study – undertaken by Binance Research and the Binance VIP Institutional team – surveyed 208 clients, nearly a quarter of whom had assets under management (AUM) above $100 million and just over half of whom had AUM less than $25 million. Just shy of two-thirds of respondents (63.5%) said they are positive on the outlook of crypto for the next year and 88% said they are optimistic for the next decade, according to the report.

Edited by Stephen Alpher.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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In 2025, the stablecoin market shows strong signs of growth. Research indicates that the market cap of USD-pegged stablecoins has surged 46% year-over-year, with total trading volume reaching $27.6 trillion, surpassing the combined volume of Visa and Mastercard transactions in 2024. The average circulating supply is also up 28% from the previous year, reflecting sustained market demand. Once used primarily for crypto trading and DeFi collateral, stablecoins are now expanding into cross-border payments and real-world asset management, reinforcing their growing importance in the global financial system. More banks and enterprises are starting to issue their own stablecoins. Standard Chartered launched an HKD-backed stablecoin, and PayPal issued PYUSD. The CEO of Bank of America has expressed interest in launching a stablecoin once regulations permit (via CNBC). Fidelity is developing its own USD stablecoin, while JPMorgan Chase and Bank of America plan to follow suit when market conditions stabilize. Meanwhile, World Liberty Financial (backed by the Trump family) has introduced USD1, backed by assets such as government bonds and cash.

Bitget VIP•2025/04/25 06:05