The price of the flagship cryptocurrency, Bitcoin, has crossed above the $50,000 mark for the first time in two years, largely over the launch of spot BTC exchange-traded funds (ETFs) earlier this year.
Global investment manager Franklin Templeton, with $1.5 trillion worth of assets under management, has joined the race among Wall Street firms to launch a spot Ether exchange-traded fund (ETF) in the United States.
The co-founder and executive chairman of Nasdaq-listed business intelligence firm MicroStrategy, Michael Saylor, has attributed the rising price of Bitcoin to the recent introduction of spot Bitcoin ETFs, highlighting a significant supply-demand imbalance.
Top stories in the Crypto Roundup today:
- Bitcoin’s Price Surpasses $50,000 for First Time Since December 2021
- Franklin Templeton Joins Spot Ether ETF Race
- MicroStrategy’s Saylor: Bitcoin ETFs Fuel Price Surge, Company to Rebrand as Bitcoin Developer