Cryptocurrency bitcoin instantly rose to $ 31,200

The value of the flagship cryptocurrency instantly rose to $ 31,200. However, bitcoin did not stay at this level for long; at the time of writing, BTC is already trading for $ 30,825.

As for the reason for the rapid growth in the value of BTC, the news about Fidelity’s ETFs. The well-known investment company Fidelity has filed an application with the US Securities and Exchange Commission (SEC) to register a spot bitcoin ETF. It was followed by BlackRock, WisdomTree, Invesco, and Bitwise, which also caused bitcoin to rise.

Information about the plans of Fidelity, which manages assets of 42 million clients worth more than $ 11 trillion, appeared in the media two days ago, and now it has been confirmed by an official application. This is Fidelity’s second attempt to create such a product. In 2021, it applied to create an ETF under the Wise Origin Bitcoin Trust brand, but the SEC rejected the application in early 2022.

Leading altcoins have also risen in price. The price of Ethereum rose by 2.2% to $ 1888 in 24 hours, Polygon (MATIC) — by 5.9% to $ 0.65, Cardano (ADA) — by 5.4% to $ 0.28, Solana (SOL) — by 16.1% to $ 18.95.

The index of fear and greed in the crypto market increased from 54 to 56 points out of 100. The indicator is in the «greed» zone, which indicates an increased interest of market participants in buying cryptocurrencies.

According to the co-founder of the decentralized exchange Vertex Protocol, Darius Tabatabai, the launch of spot bitcoin ETFs will create conditions for the massive entry of large capital into the crypto sphere. Jaime Baeza, founder of the hedge fund ANB Investments, shares the same opinion. «Despite the regulatory problems in the US, the actions of BlackRock and Fidelity confirm the growing institutional interest in digital assets ,» Baeza emphasized.