Bitcoin orchestrated a spectacular resurgence that caught the attention of investors and enthusiasts alike. Amidst the market volatility, BTC displayed unwavering price dominance by reclaiming its throne with an impressive climb to $26.5K. Intriguingly, the Bitcoin network has become a flurry of activity, with daily addresses interacting at a staggering rate of 1.1 million.
This surge represents a peak not witnessed in five months, underscoring the renewed interest and engagement within the Bitcoin community. As per data sourced from the prominent aggregator Santiment, traders have seized the opportunity to engage in profit-taking following the recent modest price hike.
The week’s outset carried a touch of somberness as cryptocurrency markets experienced a sharp decline, setting off reverberations among traders who grew wary of escalating sell pressure, particularly in the wake of the news regarding the insolvent exchange FTX. Adding to the turmoil, this defunct exchange holds a substantial cache of $560 million in BTC, alongside significant sums invested in lesser-known and illiquid micro-cap tokens.
Against this backdrop of market turbulence, Bitcoin endured a slight dip, plummeting over 2% and momentarily brushing the $24,963 mark during the U.S. morning hours. This dip marked its first foray below the $25,000 threshold since the middle of June.
However, amidst the fluctuations, the latest resurgence in Bitcoin’s value can be attributed, in part, to a recent spate of BTC ETF applications, which injected renewed hope into the market. Just recently, Franklin Templeton entered the fray by submitting an application for a spot Bitcoin exchange-traded fund [ETF], joining the ranks of traditional asset management firms venturing into this competitive arena.
Franklin Templeton Files For Bitcoin ETF
In their filing with the U.S. Securities and Exchange Commission, Franklin Templeton introduced a novel concept—a Coinbase-custody ETF intended for trading on Cboe BZX Exchange, Inc. But the ticker symbol for the product has yet to be announced.
Franklin Templeton’s move mirrors the actions of financial juggernauts like BlackRock, signaling their belief that the SEC may, in the near future, permit or perhaps even be compelled by legal mandates to greenlight a spot Bitcoin ETF for public market access. Such a groundbreaking financial instrument would empower everyday investors, providing them with a convenient avenue to gain exposure to Bitcoin’s price within the familiar confines of their brokerage accounts, alongside more traditional asset classes like stocks and bonds.