Several interesting news regarding the prospects for the main cryptocurrency came in at once today. The interest of major market players in bitcoin is growing. And this, so far, means recognition and prospects for price growth in the medium term. Meanwhile, we are locally catching BTC/USD at around 50,000.
It became known that Fidelity intends to participate in the formation of an ETF based on the main cryptocurrency. This is about the Wise Origin Bitcoin ETF fund. It will be sponsored by FD Funds Management LLC. Fidelity Service Company, Inc. will take over the administrative role, while the Fidelity Digital Assets will serve as the custodian.
If the ETF gets regulatory approval, Fidelity plans to place its bitcoin index in it. The company notes that the task of the trust will be to study the fluctuations in the quotes of the main cryptocurrency based on the Fidelity Bitcoin Index PR.
The trust will directly grant access to the main cryptocurrency. And its papers will be evaluated every day on the basis of the index methodology. Those who want to invest will get access to the ETF through an account with a broker. At the same time, they will be able to avoid the risk associated with direct saving of bitcoin, its spot purchases and mining.
It is worth noting that this is not the only attempt to get approval to create an ETF for bitcoin. Last week, such a request was sent to the SEC by VanEck, and before that, WisdomTree and NYDIG filed it.
In the past, the Commission has rejected attempts to register Bitcoin ETFs. But now their approval may be facilitated by the coming to power in the United States of a new administration.
Goldman Sachs, another US investment giant, has announced plans to place bonds that will be linked to the ARK Innovation ETF, which includes cryptocurrency. The request for approval of the debt securities has already been sent to the regulator.
The document notes that the ETF can have access to bitcoin through a trust, as ARK Innovation includes securities of high-tech corporations, including those related to blockchain developments.
It is known that within the last 12 months, the value of ARK Innovation ETF units has increased in price in the past and reached $114. And Goldman Sachs is just looking for an opportunity to meet the growing demand of customers for bitcoin.
Meanwhile, local crypto-users are having a hard time. The support line of the upward trend 29241.46 - 43033.38 - 58340.66 from January 27 has been broken, and today's daily candle has already formed below it. The price reached the support of the local descending channel 61759.10 - 59869.35 - 53225.61 from March 13 and is inexorably approaching the price of $50,000 per coin.
Therefore, I think a lot will depend locally on whether the price will now break through the support of the current downtrend and whether it will stay above $50,000 for 1 BTC. If not, then it will be possible to continue to catch the main cryptocurrency near $48,000.
