Bitcoin gains upward momentum following BlackRock’s proposed BTC ETF

Cryptocurrencies flashed upward movements on Friday. Meanwhile, news of a potential Bitcoin ETF by investment company BlackRock saw market sentiments shifting early today. Most market participants have a bullish stance on the crypto market.

On Thursday, invezz.com reported that investment giant BlackRock plans to collaborate with Coinbase to offer a BTC exchange-traded fund. Coinbase will serve as custody, with ETF pricing depending on the exchange’s spot market data.

BlackRock files for spot BTC ETF

The latest updates show BlackRock made its massive step toward a spot Bitcoin exchange-traded fund on Thursday. Reports reveal the firm targets the iShares Bitcoin Trust launch after applying with the US Securities and Exchange Commission.

Nonetheless, BlackRock has joined one of the most sought-after regulatory authorizations within the cryptocurrency sector. So far, the United States SEC has disapproved spot Bitcoin ETF roll-outs in America, blocking renowned firms such as VanEck, Wisdom Tree, and Grayscale.

Should the regulator approve BlackRock’s proposal, the exchange-traded fund will offer increased crypto exposure as a product from a Wall Street corporation.

Meanwhile, crypto experts believe the SEC may have challenges rejecting the BTC ETF application due to BlackRock’s stature.

Bitcoin gains upward momentum

Bitcoin has struggled since the United States Fed kept interest rates unaltered. While the hike pause was lucrative for risk assets, Jerome Powell’s comments catalyzed sell-offs in the crypto markets. The Federal chair confirmed more rate increases in the upcoming times.

The hawkish remarks saw Bitcoin plummet toward the $24K territory. However, positive sentiment on Friday had the bellwether coin soaring to $25,872 (invezz.com data). The asset exhibited a bullish momentum at press time.

Factors such as highly oversold conditions and the updates on BlackRock’s spot Bitcoin ETF filings are likely behind today’s upward price actions.

While Bitcoin exhibits upside tendencies, buyers should showcase increased actions to support steady near-term price surges. As invezz.com reports show, the leading crypto weakened after losing its crucial support.

That could translate to challenges to maintain upside actions. Also, analysts believe it might be too early to celebrate stable upticks in Bitcoin.