Bitcoin briefly hits $31K after Fidelity spot ETF report.

Bitcoin (BTC) experienced a sudden increase in price during mid-morning after The Block released a report that indicated asset management company Fidelity was preparing to submit an application for a spot bitcoin ETF as early as Tuesday. This news led to a rapid rise in the price of bitcoin from $30,600 to $31,000 in just a few minutes. However, this increase quickly reversed, and according to blockchain data, the cryptocurrency was trading back at $30,500 at the time of press. A spokesperson from Fidelity Investments stated, “We are not able to confirm or share an update.” Fidelity had previously submitted an application for a spot bitcoin ETF in 2021, but it was rejected by the U.S. Securities and Exchange Commission (SEC) in 2022.

In June, BlackRock, another asset management company, caused a surge in spot bitcoin ETF filings and re-filings, along with a significant increase in the price of bitcoin, when its iShares unit filed an application with the SEC for its own fund. EDX Markets, a cryptocurrency exchange targeting large financial institutions, which is backed by Fidelity, opened for business in the United States one week ago.

Edited by Stephen Alpher.