Last night, the price of Bitcoin began to show signs of rising. Until this morning, the price was able to stand strong above $ 28,000, with Bitcoin Dominance surpassing 50%, reaching a new high in a year continuously.
Mr. Parit Boonleung, Senior Analyst, Cryptomind Advisory Company Limited (Cryptomind Advisory) Thailand’s first digital asset advisor under the supervision of According to the Securities and Exchange Commission (SEC), the factor driving prices is a matter of global fund “Blackrock” filing for a Spot Bitcoin ETF last week. But the impact continues until this week because at least 3 other asset management companies have joined in applying for reopening as well.
On June 16, the world’s largest $9.5 trillion asset management firm Blackrock filed with the US SEC for a spot Bitcoin ETF offering to its clients. No company has ever asked for a pass before (except for the Bitcoin Future ETF that was previously allowed).
The decision was filed at the same time that the US SEC filed a lawsuit against Coinbase and Binance US. “Providing securities trading services that have not been registered with the US SEC” That is considered very wrong time, and Gary Gensler, the chairman of the US SEC, also gave an interview that “The US doesn’t need a new digital asset because it already has the US dollar, the euro and the Japanese yen.
But if you look at the indictment more closely, “the US SEC did not mention Bitcoin at all,” so there is a possibility that “Bitcoin may not be considered a required securities.” Blackrock understands the situation well. therefore relying on this rhythm to show intention to the US SEC that there are customers who really want to invest and help to put pressure on the US SEC as well, because Blackrock has filed 576 ETF applications with the US SEC, but not once.
Blackrock’s extremely high accreditation rate prompted other asset management firms that had previously failed, such as BitWise and Wisdom Tree, to resubmit immediately. There are also rumors about Fidelity potentially buying Grayscale or filing for a Spot Bitcoin ETF as well, so if Blackrock is approved, it would make other companies deserve it as well.
In addition to the news of the application to open a Spot Bitcoin ETF, early today there was also banking news. Deutsche Bank, Germany’s largest financial institution Apply for a digital asset custody licensefrom BaFin and global funds such as Citadel, Fidelity, Charles Schwab, Sequoia Capital, Virtu Financial, and Paradigm. Includes EDX exchange generator It will also offer trading services for digital assets such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
In which all the events described are all large institutional investors’ moves that have not been seen in the cryptocurrency world for a long time. just The 1% of AUM managed by Blackrock is more than 16% of Bitcoin’s market cap. And this large sum of money will certainly be a huge buy for Bitcoin. This is not counting the other companies that will be approved as well.
So can Blackrock’s filing for a Spot Bitcoin ETF turn the cryptocurrency market into a bullrun again? There is something behind the scenes that retail investors like us do not know as well as institutional investors. Only the US SEC can give us an answer. This event should be watched closely.
About Cryptomind Group Holdings Limited and Mercle Capital Limited
Cryptomind Group Holdings Limited is a group of companies that provide blockchain and digital asset investment consulting services, comprising of Mercle Capital Limited, a licensed asset manager. Digital asset funds from the SEC with investment strategies in digital assets that investors can invest safely and Cryptomind Advisory Company Limited, the first digital asset advisory service in Thailand. It is official within the supervision of the SEC, which offers consulting services. Analyze investment in digital assets for both individuals and juristic persons. And event management such as Blockchain Thailand Genesis and communities such as Bitcoin Addict Thailand, digital asset education pages such as Cryptomind Advisory Blockchain Review, Kim DeFi Daddy, Coinman and Sanjay Popli with a combined following of over 500,000. people and to provide Thai people with an easier and safer way to invest in digital assets. For more details about our company, please see our website. https://cryptomind.group and https://merkle.capital/