WisdomTree and Invesco join Bitcoin ETF craze, while AltSignals reaches important presale goal.
- BlackRock, WisdomTree, Invesco have filed for spot Bitcoin ETFs and Fidelity Investments is also reported to be considering an application.
- The news has caused the latest increase in the crypto market, with Bitcoin (BTC) reaching $29k.
- Meanwhile, the AltSignals presale is almost 94% sold out in stage 1 and is expected to reach the targeted $1.08 million mark.
Today’s crypto news is focused on reports of renewed interest in the Bitcoin (BTC) asset class, particularly by major US-based companies. These include asset managers WisdomTree and Invesco, who have joined the world’s largest asset management firm BlackRock in filing for a spot Bitcoin ETF.
As institutional investor interest is expected to increase, the cryptocurrency market has bounced back this week, with the price of Bitcoin retesting $29,000. This has also led investors to consider AltSignals (ASI), a trading signals company whose presale is about to reach a major milestone.
BlackRock sparks spot Bitcoin ETF frenzy
Although the SEC has previously denied all rule change proposals for a spot Bitcoin ETF, the recent flurry of filings has caused a buzz in the market. BlackRock, a global investment asset giant with $9 trillion in assets under management, filed for its spot Bitcoin exchange traded fund on June 15.
The filing aims to address one of the sticking points that reportedly caused the US Securities and Exchange (SEC) to reject all previous proposals – the issue of price manipulation. In its application, BlackRock cites a “surveillance agreement” with top markets platforms the Chicago Mercantile Exchange (CME).
WisdomTree, a US-based investment fund with over $83 billion in assets under management that had two previous ETF proposals denied by the SEC, is hoping to join BlackRock in persuading the securities regulator to allow the first physically-backed Bitcoin ETFs in the US market.
- Bitcoin hits $138K on Binance.US.
- WisdomTree applies for Bitcoin ETF in response to BlackRock’s...
- EDX Markets, a crypto exchange supported by Schwab, is now live.
SEC documents show WisdomTree filed for its WisdomTree Bitcoin Trust (BTCW) on June 20 and seeks to list the ETF on the Cboe BZX exchange.
Invesco, another asset manager seeking the SEC’s approval, has reactivated its 19b-4 document for the listing of a spot ETF. Like WisdomTree, the firm plans to list the Invesco Galaxy Bitcoin ETF on the Cboe BZX exchange.
It has also been reported that Fidelity Investments is considering joining the spot Bitcoin ETF bandwagon. As highlighted here, Fidelity is among the Wall Street giants backing the newly launched cryptocurrency exchange EDX, along with Schwab and Citadel.
What is AltSignals?
AltSignals, launched in 2017, has become one of the most popular trading signals providers, with its tools available for traders 24/7 across crypto, stocks, and forex markets. To further advance its technology amid increasing demand, AltSignals has integrated an artificial intelligence-powered layer called ActualizeAI.
ActualizeAI will leverage the power of machine learning and natural language processing to provide users with the most accurate trading signals. The ASI token is needed to access the AI platform and will also give holders governance rights when the company transitions into a DAO.
ASI presale on track to hit the first milestone
As altcoins look to bounce amid the current market exuberance, AltSignals’ presale is on the verge of hitting a key presale milestone. The trading signals platform launched its ASI token sale a few weeks ago and has raised over $1 million in the first stage.
With 94% of the available tokens sold, the remaining percentage is likely to be scooped up quickly as the confluence of factors driving the crypto markets today cascade into an investor group searching for the next crypto gem.
The ASI token is currently priced at $0.015 and will increase to $0.01875 in the next presale stage, giving it a 25% increase. According to details on their presale page, there will only be four stages, with prices rising to $0.02274 in the final phase.
Is now a good time to buy crypto?
Opinions are divided on the timing of the “gold rush” for spot Bitcoin ETFs by major US investment firms, led by BlackRock. Some argue that this seems to be occurring at a time when the SEC is cracking down on crypto exchanges, with lawsuits against the world’s two largest crypto companies, Binance and Coinbase.
However, many people believe that the US market is long overdue for the approval of a spot ETF. If BlackRock’s application, which has a success rate of 575-1 for ETF applications, is approved, it could lead to fresh institutional adoption of Bitcoin and further growth across the ecosystem.
In this situation, buying cryptocurrency now, when most tokens are trading well below their bull market peaks, could be a smart move for investors.
However, it’s important to note that the SEC’s rejection of recent spot ETF proposals, combined with other market conditions, could have a significant impact on where crypto markets go both in the short term and long term.