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Bitcoin and Ether Surge as Fidelity Plans to Launch Spot Bitcoin ETF

Bitcoin Ether market

Bitcoin and Ether, the two largest cryptocurrencies by market capitalization, increased in value during the afternoon session in Hong Kong on Thursday. However, the rest of the top 10 non-stablecoin cryptocurrencies showed a mixed performance, with some gaining and some losing ground.

Bitcoin and Ether Performed Well Today Amid Positive News

Bitcoin and Ether gained value in the Hong Kong market on Thursday afternoon, while the other major non-stablecoin cryptocurrencies showed mixed performance. The market sentiment was positive as more institutional investors, such as Fidelity, were getting ready to submit their applications for Bitcoin exchange-traded funds (ETFs).

Bitcoin, the first digital currency in the world, hit US$30,465 at one point during yesterday’s session. This was driven by a strong demand for risk assets, as several major institutions such as BlackRock submitted their applications for spot Bitcoin ETFs in recent weeks.

According to a source who spoke to several news media on Tuesday, Fidelity, a leading asset management firm, is planning to file for a spot Bitcoin ETF soon.

Bitcoin Ether market

The source said that this move would help to validate cryptocurrencies and attract more institutional investors to the market. Komodo’s chief technical officer, Kadan Stadelmann, commented on the news and said that Fidelity’s involvement in the cryptocurrency market would boost the demand and adoption of Bitcoin and other cryptocurrencies. 

He also said that this move would make cryptocurrencies more acceptable as an investment asset class among traditional financial institutions.

Among the top 10 cryptocurrencies by market cap, Solana’s Sol token was the best performer of the day, increasing by 1.32% to US$16.27. Dogecoin was the worst performer, dropping by 1.91% to US$0.06297.

According to CoinMarketCap, the total value of all cryptocurrencies increased slightly by 0.03% to US$1.17 trillion on the last day, while the trading volume dropped 21.30% to US$29.58 billion.

Bitcoin’s share of the market reached 50.4%, the highest level since April 25, 2021, when Bitcoin was worth more than US$53,000.

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Jessica Taylor