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As the cryptocurrency market experiences a surge in activity, investment titan Fidelity, which manages an astounding $4.2 trillion in assets, appears to be gearing up for a spot Bitcoin exchange-traded fund (ETF) application.
The move follows closely on the heels of industry leader BlackRock, whose own Bitcoin ETF application spurred a flurry of submissions from various financial service providers and investment firms.
Given the increased interest from major financial institutions, what are the best cryptos to buy now?
Recent reports have indicated that Fidelity is on the verge of filing for a spot ETF, as revealed by inside sources in conversation with crypto publication The Block. According to these insiders, the filing could take place as early as today, June 27.
BlackRock's application on June 15 had a significant impact on the crypto market, causing a shift toward an overwhelmingly positive sentiment.
The preceding negativity due to the SEC's lawsuits against Binance and Coinbase was swiftly overshadowed as Bitcoin's price skyrocketed to an annual high above $31,000.
As other firms such as Invesco, WisdomTree, and Bitwise joined the rush, Bitcoin's price remained confidently above the $30,000 mark.
The recent news about Fidelity's potential filing has even caused the cryptocurrency's price to retest this level.
If Fidelity decides to move forward with its spot ETF application, it will be the second time the company has made such an attempt.
Fidelity's application for the Wise Origin Bitcoin Trust in 2021 was previously denied by the SEC, with the dismissal taking place on January 27, 2022.
Cryptocurrencies are gaining wider acceptance, and prominent finance firms are taking notice.
In line with the improving cryptocurrency
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