•Bitcoin briefly pushed above $31K after Fidelity spot ETF report
•Fidelity previously applied for a spot Bitcoin ETF in 2021, but the effort was rejected by the SEC
•Maple Head of Growth and Capital Markets Quinn Thompson discussed the potential macro factors moving bitcoin’s price and the wider crypto markets

Bitcoin Breifly Reaches $31K After Fidelity ETF Report

Bitcoin (BTC) saw a mid-morning price surge after The Block reported asset management giant Fidelity was preparing to file for a spot bitcoin ETF as soon as Tuesday. The news prompted the price of bitcoin to rise from $30,600 to $31,000 in a few minutes. However, this quickly reversed with BTC trading back at $30,500 at press time.

Fidelity’s Previous Efforts Rejected By SEC

Fidelity previously applied for a spot Bitcoin ETF in 2021 but its filing was rejected by the U.S. Securities and Exchange Commission (SEC). Earlier in June, BlackRock set off numerous filings when it submitted an application to the SEC for its own fund.

Quinn Thompson Discusses Potential Macro Factors

Maple Head of Growth and Capital Markets Quinn Thompson joined “First Mover” to discuss potential macro factors moving Bitcoin’s price and crypto markets at large. He highlighted that institutional investors are steadily increasing their involvement, offering more liquidity and stability than ever before.

Fidelity Launches EDX Markets Crypto Exchange

Fidelity-backed EDX Markets opened for business one week ago in the U.S., providing institutional investors with access to cryptocurrency trading services like spot trading, derivatives trading and over-the-counter services .

Conclusion

The market remains optimistic about a potential approval of a spot Bitcoin ETF in the US given these developments pointing towards increased institutional interest in entering into cryptocurrencies markets.