Bitcoin briefly hits $31,000 as Fidelity joins the spot ETF race

<p>Fidelity is preparing to submit a a bitcoin ETF, according to<a href="https://www.theblock.co/post/236588/fidelity-preparing-to-submit-spot-bitcoin-etf-filing-source" target="_blank" rel="nofollow"> The Block</a>.</p><p>BlackRock kicked off a fresh bitcoin ETF frenzy on June 15 with a filing that caught the market by surprise. Many are speculating that BlackRock received some kind of nudge in a process that's been stagnant for many years.</p><p>The Fidelity report suggests they may have received some of the same intelligence, adding credence to it. The thinking may be that US regulators will shut down crypto exchanges but allow bitcoin to be traded via ETF as some kind of compromise. Fidelity previously filed for a bitcoin ETF in 2021 but it was denied.</p><p>Ultimately, this will end as a 'sell the fact' type of trade. Bitcoin isn't tough to access and there are already Canadian (and other) bitcoin ETFs that are available to Americans. Volumes are low in those, suggesting the market isn't as big as many hope.</p><p>However it's still a long time before an ETF will be approved, let alone begin trading so the hype cycle has room to run. WIth the break above $30,000, there isn't much standing in bitcoin's way.</p>

This article was written by Adam Button at www.forexlive.com.