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The investment firm's decision splits the crypto world in two
The investment firm's decision splits the crypto world in two

Bitcoin, the largest of cryptocurrencies in terms of market value, recently climbed to the level of 30 thousand dollars for the first time since April, after the US-based fund management company applied to establish a Bitcoin exchange-traded fund. This decision of the company divided the crypto world in two.

TURKEY — According to CoinMarketCap data, Bitcoin, which is seen as the most valuable of digital assets in terms of market value, has exceeded 30 thousand dollars for the first time since April, with a surprising rise in the past few days. Bitcoin rose after US-based mutual fund management firm BlackRock applied to create a Bitcoin-based exchange-traded fund (ETF). This news, which took Bitcoin to the highest levels in June, also divided the crypto world in two.

Stating that the BlackRock application has caused a concern that traditional companies will monopolize cryptocurrencies, MEXC Chief Financial Officer Kevin Yang said, “US-based cryptocurrency exchanges have been under pressure from the US Securities and Exchange Commission for a while. “BlackRock’s application has caused a rally not only in Bitcoin but also in relatively smaller digital assets such as Ether, Cardano and Solana.”

30 applications so far

If the said application is successful, this fund, which is the first spot Bitcoin exchange-traded fund in the USA, will be traded on the Nasdaq exchange, where technology-heavy stocks are also traded. Bloomberg Intelligence data shows that applications for Bitcoin-based exchange-traded funds are not the first, with at least 30 applications made to date. It is known that regulators did not approve previous applications due to market concerns.

Stating that the company named WisdomTree made a similar attempt after BlackRock, Kevin Yang said, “WisdomTree had previously applied for a Bitcoin-based exchange-traded fund and was rejected. Founded in 1988, BlackRock's application on June 15 seems to be approved for reasons such as the date of establishment, and asset size including 1,300 exchange-traded funds. This is the reason for the rise in Bitcoin and other cryptocurrencies,” he said.

Traditional financial institutions eye crypto

In June, there were other developments that can be evaluated in the context of traditional financial institutions' interest in crypto. Germany-based bank Deutsche Bank has applied to the German Federal Financial Supervisory Authority (BaFin) for a crypto custody license. On the other hand, investment and financial institutions named Fidelity, Charles Schwab and Citadel Securities launched EDX Markets, a cryptocurrency exchange where Bitcoin, Bitcoin Cash, Litecoin and Ethereum can be traded.

Noting that traditional financial institutions' interest in crypto money markets has matured, Kevin Yang said, “Crypto investors interpret institutional interest as a kind of bifurcation effort. He thinks these organizations will limit the accessibility and decentralization inherent in crypto by creating a new and unique form of crypto. On the other hand, the crypto bankruptcies experienced last year, the pressure of the SEC on crypto exchanges today, and the hawkish rhetoric of the US central bank Fed about the coming months increase the fluctuations in the markets, even though interest increases are suspended.”

Investors will determine the future of crypto”

MEXC Financial Affairs Manager Kevin Yang, who stated that they think that the investor will decide the future of crypto as an exchange that always maintains its place on the first page in the CoinMarketCap ranking, concluded his evaluations with the following words: "As MEXC, it operates in Turkey with 0% spot market maker and market taker transaction fees. We offer the market floor for transaction fees. Our community-driven approach, our constantly adding crypto listings, our in-depth liquidity and our world-class security infrastructure provide crypto investors with many tools, including leveraged ETFs. Investors know that there are still solid cryptocurrency exchanges like MEXC they can trust. and he is using his choice in this direction. Corrections in volatile markets will emerge when the developments begin to become clear.”

Contact: Tülay Genç | [email protected] | +31 30 799 6022

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