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Globe/wire say SEC mulls BlackRock's bitcoin ETF

2023-06-27 08:46 ET - In the News

See In the News (C-*SEC) U S Securities and Exchange Commission

The Globe and Mail reports in its Tuesday edition that BlackRock's plans for a bitcoin fund have helped push the world's largest cryptocurrency to its highest in a year, but rising interest rates and a regulatory crackdown could choke off the rally. A Reuters dispatch to The Globe says that bitcoin jumped more than 15 per cent last week, rising above $30,000 (U.S.) for the first time since April, in large part driven by BlackRock filing an application with the U.S. Securities and Exchange Commission to launch an exchange-traded fund (ETF) backed by bitcoin. If approved, a bitcoin ETF from the world's biggest asset manager could attract investors reluctant to buy the high-risk cryptocurrency directly. The industry has been hit by a loss of investor confidence and heightened regulatory scrutiny this year after a series of collapses at major crypto firms in 2022 left investors saddled with losses. Despite BlackRock's vote of confidence, economic stresses could thwart hopes for a sustained rally, analysts say. Bitcoin's gains slowed toward the end of the week and on Monday it was trading at $30,405 (U.S.). Wes Hansen, head of trading and operations at crypto hedge fund Arca, said the rally was led by institutional buyers.

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