Wall Street Races to Launch Bitcoin Spot ETF as Crypto Exchange Unveiled


Crypto Biz is your weekly guide to the business behind blockchain and cryptocurrency. This week we look at the bid for the first Bitcoin (BTC) spot exchange-traded fund (ETF) in the United States gaining traction following BlackRock’s application, Wall Street titans backing EDX Markets – a newly launched centralized exchange, CleanSpark’s aggressive mining expansion, and more.

BlackRock’s initiative appears to have “breathed new life into the race” for a Bitcoin ETF amid the ongoing crackdown on the crypto industry. Other financial institutions such as Citadel Securities, Fidelity Investments, Paradigm, Sequoia Capital and Charles Schwab have backed EDX Markets – a new CEX offering trading of Bitcoin, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).

Binance.US and the SEC reached an agreement to avoid the exchange’s assets being frozen, while Gemini is seeking to expand operations beyond U.S. authorities’ reach. CleanSpark has acquired two Bitcoin mining campuses for $9.3 million, enabling the company to reach its target of 16 EH/s by the end of 2023.

Following Blackrock’s move to lodge a spot ETF application, at least three investment firms have also filed for similar products. Meanwhile, Bitcoin hit $28,000 after the filing, resulting in it reaching a 50% dominance in the crypto market for the first time in two years.

Crypto Biz keeps you up to date with the latest developments in the business of blockchain and cryptocurrency. Tune in next week to stay informed!

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