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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Bitcoin Begins Rally As Franklin Templeton Joins Race For BTC Spot ETF

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Bitcoin (BTC)

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Bitcoin (BTC) has welcomed another noteworthy decision from the global investment firm Franklin Templeton. With a portfolio spanning various financial instruments, the company is now setting its sights on one of the most sought-after financial products in the digital currency realm: a spot Bitcoin exchange-traded fund (ETF).

This development signifies the firm’s progressive stance on digital assets and underscores the increasing mainstream acceptance of cryptocurrencies, particularly Bitcoin. Following the news, BTC has surged 4.2% in the past day, breaking above $26,000, as of this writing. 

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Details Of The Franklin Spot BTC ETF

Based on recent filings, the proposed offering has been dubbed the “Franklin Bitcoin ETF.” One of the fundamental characteristics of this ETF would be its primary assets—essentially constituted of Bitcoin.

Coinbase Custody Trust Company, a subsidiary of one of the world’s leading cryptocurrency exchange platforms, will serve as these assets’ custodians.

Such a collaboration could provide the proposed fund an extra layer of credibility and security, given Coinbase’s longstanding reputation in the crypto space.

Another critical aspect to consider is the chosen trading platform. If the Securities and Exchange Commission (SEC) approves, Franklin Templeton’s Bitcoin ETF will see its shares being traded on the Cboe BZX Exchange.

In determining Bitcoin’s pricing, the filing indicates a reliance on the Chicago Mercantile Exchange (CME) CF Bitcoin Reference Rate, specifically the New York Variant.

Bitcoin Begins Rally After Bouncing Off $24,900

Following the Franklin Templeton spot Bitcoin ETF filing disclosure, Bitcoin has shown signs of recovery. The top crypto experienced a slight surge, breaking the downward trend that had dominated the market in recent weeks.

Over the past 24 hours, Bitcoin has surged by nearly 3%, trading for $26,185 as of this writing. Particularly, the asset broke away from the stagnant price zone of around $25,000 observed over the past week.  

Bitcoin (BTC) price chart On TradingView
Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Complementing its price movement, Bitcoin’s trading volume experienced a significant uptick. A comparison reveals that while the trading volume was as low as $1.7 billion last Wednesday, it increased to $18.4 billion in the past 24 hours.

Notably, the financial industry’s anticipation for the first-ever spot crypto ETF is palpable. Franklin Templeton’s decision, while bold and promising, enters a domain where the SEC has shown consistent reticence.

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1 year ago

Over the last month, the regulatory body decided to postpone its decisions concerning proposals for spot Bitcoin ETFs. This delay can be attributed to the SEC’s current process of sifting through the influx of recent applications in this category. There hasn’t been a single spot crypto ETF that has secured the SEC’s endorsement.

Featured image from iStock, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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