{"id":29530,"date":"2023-09-13T01:52:58","date_gmt":"2023-09-13T05:52:58","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=29530"},"modified":"2023-09-13T01:52:58","modified_gmt":"2023-09-13T05:52:58","slug":"bitcoin-begins-rally-as-franklin-templeton-joins-race-for-btc-spot-etf","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/13\/bitcoin-begins-rally-as-franklin-templeton-joins-race-for-btc-spot-etf\/","title":{"rendered":"Bitcoin Begins Rally As Franklin Templeton Joins Race For BTC Spot ETF"},"content":{"rendered":"

Bitcoin (BTC) has welcomed another noteworthy decision from the global investment firm Franklin Templeton. With a portfolio spanning various financial instruments, the company is now setting its sights<\/a> on one of the most sought-after financial products in the digital currency realm: a spot Bitcoin exchange-traded fund (ETF).<\/p>\n

This development signifies the firm\u2019s progressive stance on digital assets and underscores the increasing mainstream acceptance of cryptocurrencies, particularly Bitcoin. Following the news, BTC<\/a> has surged 4.2% in the past day, breaking above $26,000, as of this writing.\u00a0<\/p>\n

Details Of The Franklin Spot BTC ETF<\/h2>\n

Based on recent filings, the proposed offering has been dubbed the \u201cFranklin Bitcoin ETF.\u201d One of the fundamental characteristics of this ETF would be its primary assets\u2014essentially constituted of Bitcoin. <\/p>\n

Coinbase Custody Trust Company, a subsidiary of one of the world\u2019s leading cryptocurrency exchange platforms, will serve as these assets\u2019 custodians. <\/p>\n

Such a collaboration could provide the proposed fund an extra layer of credibility and security, given Coinbase\u2019s longstanding reputation in the crypto space<\/a>.<\/p>\n

Another critical aspect to consider is the chosen trading platform. If the Securities and Exchange Commission (SEC) approves, Franklin Templeton\u2019s Bitcoin ETF will see its shares being traded on the Cboe BZX Exchange. <\/p>\n

In determining Bitcoin\u2019s pricing, the filing indicates a reliance on the Chicago Mercantile Exchange (CME) CF Bitcoin Reference Rate, specifically the New York Variant.<\/p>\n

Bitcoin Begins Rally After Bouncing Off $24,900<\/h2>\n

Following the Franklin Templeton spot Bitcoin ETF filing<\/a> disclosure, Bitcoin has shown signs of recovery. The top crypto experienced a slight surge, breaking the downward trend that had dominated the market in recent weeks. <\/p>\n

Over the past 24 hours, Bitcoin has surged by nearly 3%, trading for $26,185 as of this writing. Particularly, the asset broke away from the stagnant price zone of around $25,000 observed over the past week. \u00a0<\/p>\n

Complementing its price movement, Bitcoin\u2019s trading volume experienced a significant uptick. A comparison reveals that while the trading volume was as low as $1.7 billion last Wednesday, it increased to $18.4 billion in the past 24 hours.<\/p>\n

Notably, the financial industry\u2019s anticipation for the first-ever spot crypto ETF is palpable. Franklin Templeton\u2019s decision, while bold and promising, enters a domain where the SEC has shown consistent reticence.<\/p>\n

Over the last month, the regulatory body decided to postpone<\/a> its decisions concerning proposals for spot Bitcoin ETFs. This delay can be attributed to the SEC\u2019s current process of sifting through the influx of recent applications in this category. There hasn\u2019t been a single spot crypto ETF that has secured the SEC\u2019s endorsement.<\/p>\n

Featured image from iStock, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin (BTC) has welcomed another noteworthy decision from the global investment firm Franklin Templeton. With a portfolio spanning various financial instruments, the company is now setting its sights<\/a> on one of the most sought-after financial products in the digital currency realm: a spot Bitcoin exchange-traded fund (ETF).<\/p>\n

This development signifies the firm\u2019s progressive stance on digital assets and underscores the increasing mainstream acceptance of cryptocurrencies, particularly Bitcoin. Following the news, BTC<\/a> has surged 4.2% in the past day, breaking above $26,000, as of this writing.\u00a0<\/p>\n

Details Of The Franklin Spot BTC ETF<\/h2>\n

Based on recent filings, the proposed offering has been dubbed the \u201cFranklin Bitcoin ETF.\u201d One of the fundamental characteristics of this ETF would be its primary assets\u2014essentially constituted of Bitcoin. <\/p>\n

Coinbase Custody Trust Company, a subsidiary of one of the world\u2019s leading cryptocurrency exchange platforms, will serve as these assets\u2019 custodians. <\/p>\n

Such a collaboration could provide the proposed fund an extra layer of credibility and security, given Coinbase\u2019s longstanding reputation in the crypto space<\/a>.<\/p>\n

Another critical aspect to consider is the chosen trading platform. If the Securities and Exchange Commission (SEC) approves, Franklin Templeton\u2019s Bitcoin ETF will see its shares being traded on the Cboe BZX Exchange. <\/p>\n

In determining Bitcoin\u2019s pricing, the filing indicates a reliance on the Chicago Mercantile Exchange (CME) CF Bitcoin Reference Rate, specifically the New York Variant.<\/p>\n

Bitcoin Begins Rally After Bouncing Off $24,900<\/h2>\n

Following the Franklin Templeton spot Bitcoin ETF filing<\/a> disclosure, Bitcoin has shown signs of recovery. The top crypto experienced a slight surge, breaking the downward trend that had dominated the market in recent weeks. <\/p>\n

Over the past 24 hours, Bitcoin has surged by nearly 3%, trading for $26,185 as of this writing. Particularly, the asset broke away from the stagnant price zone of around $25,000 observed over the past week. \u00a0<\/p>\n

Complementing its price movement, Bitcoin\u2019s trading volume experienced a significant uptick. A comparison reveals that while the trading volume was as low as $1.7 billion last Wednesday, it increased to $18.4 billion in the past 24 hours.<\/p>\n

Notably, the financial industry\u2019s anticipation for the first-ever spot crypto ETF is palpable. Franklin Templeton\u2019s decision, while bold and promising, enters a domain where the SEC has shown consistent reticence.<\/p>\n

Over the last month, the regulatory body decided to postpone<\/a> its decisions concerning proposals for spot Bitcoin ETFs. This delay can be attributed to the SEC\u2019s current process of sifting through the influx of recent applications in this category. There hasn\u2019t been a single spot crypto ETF that has secured the SEC\u2019s endorsement.<\/p>\n

Featured image from iStock, Chart from TradingView<\/p>\n

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