Bitcoin (BTC) Corrects 5% Below $53,000 Despite Fidelity Filing for Bitcoin ETF

The world’s largest cryptocurrency is currently under pressure as the BTC price tanked 5% from Wednesday’s levels of around $57,000. This has pushed the BTC price sub $53,000 as the cryptocurrency’s valuations drop below $1 trillion.
Interestingly, the recent BTC price correction comes despite financial giant Fidelity Investments applied for a Bitcoin ETF late Wednesday, March 24. As per the Form S-1 filing with the U.S. Securities and Exchange Commission (SEC) a preliminary registration has been made for the Wise Origin Bitcoin Trust.
As CNBC reports, Fidelity subsidiary FD Funds Management shall be offering the financial backing for the fund. Besides, the parent company has also confirmed filing the prospectus to sponsor a Bitcoin ETF.
Upon approval by the U.S. SEC, the Fidelity Bitcoin ETF will track the performance of Bitcoin measured on the Fidelity Bitcoin Index. As the Bitcoin ETF race catches up among U.S. financial institutions, investors are keenly observing the developments.
So far, the SEC has yet to approve the first Bitcoin ETF for the U.S. market. There are currently six U.S. Bitcoin ETFs currently awaiting SEC approval.

There are now at least 6 US #Bitcoin ETF applications awaiting approval from:
WisdomTreeVanEckNYDIG Asset ManagementValkyrie Digital Assets Skybridge and First Trust Fidelity Investments
— Bloqport (@Bloqport) March 24, 2021

The Fidelity-backed Trust is not intending to sell Bitcoins, however, it shall use the cryptocurrency for paying certain expenses. As per the IRS guidelines this shall still be treated as a sale of digital currency. In an email statement to …
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