Bitcoin and Ether prices rise after Fidelity ETF filing

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Bitcoin and other major cryptocurrencies saw their prices rise after Fidelity filed a bitcoin exchange-traded fund called Wise Origin Bitcoin Trust. Credit: Sipa US/Alamy Live News

The price of major cryptocurrencies headed north on Friday morning, continuing an upward trend following a flurry of institutional interest in the asset class.

The good mood for bitcoin (BTC-USD) and ether (ETH-USD) came after asset manager Fidelity filed a bitcoin exchange-traded fund (ETF), dubbed the Wise Origin Bitcoin. Trust. The case had already been rejected by the United States Securities and Exchange Commission (SEC) in 2022.

Fidelity followed a number of other funds and asset managers to file, including Blackrock’s attempt to create a spot bitcoin ETF, alongside Invesco and WisdomTree. The Block first reported that Fidelity’s filing was on the cards.

Bitcoin price rose more than 1% to $30,760. Previously it peaked at around $31,200, the highest level in about a week, it is forecast for a monthly gain of around 8%. Ether rose 1.6% to hit $1,880, after rising above $1,900 previously.

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Bitcoin spot ETFs have been in the spotlight for years and have been described as potentially game-changing for the crypto market. They give investors exposure to the market without having to touch the asset itself.

Previously, the requests were denied by the US market regulator due to a lack of steps taken by the listing exchange to ensure it can detect and stop manipulative trades.

While bitcoin and ether posted quarterly gains, smaller tokens took a hammer blow as regulatory scrutiny of unregistered securities intensifies by the SEC. The gap between these tokens and bitcoin, which is considered a commodity, has become increasingly pronounced over the past year.

Watch: Bitcoin Price Continues to Rise in the Face of SEC Attack on Crypto: Here’s Why

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