On Wednesday, bitcoin reached a two-month high as Fidelity joined the ranks of corporations updating their spot bitcoin ETF filings. The revisions could suggest open lines of communication between firms and authorities. Bitcoin (BTC) reached a high of $28,817 earlier today, fueled by changes to a spot bitcoin ETF application in the United States.

In the last 24 hours, the largest cryptocurrency gained 2.8%, setting a two-month high and leading advances among major coins. The advance increased the weekly gain to over 7%. Fidelity filed an amendment to its proposed spot bitcoin ETF, the Wise Origin Bitcoin Trust, with the Securities and Exchange Commission (SEC) late Tuesday, detailing how it will safeguard customers’ bitcoin in custody accounts and disclose risks related to the shaky regulatory environment surrounding cryptocurrencies, among other things. Fidelity joins Ark Invest and Invesco in amending their spot bitcoin ETF registrations.

On October 11, Invesco refiled, and Ark Invest followed suit the next day. According to market analysts, these changes are likely the result of ongoing conversations between prospective ETF providers and the SEC, which is fueling bullish mood among traders. “More proof that potential spot Bitcoin ETF issuers are in communication with SEC regarding changes/amendments required for SEC to consider approving,” James Seyffart, a Bloomberg Intelligence research analyst, said today on X (previously Twitter). “Positive signs (in my opinion).” Some firms anticipate that the clearance, if granted, will add at least $1 trillion to the global market value, which is now at $1.1 trillion, in the coming months.

The possibility of a spot bitcoin ETF being approved circulated earlier this week, driving bitcoin to rise nearly 10% in a move that BlackRock CEO Larry Fink indicated demonstrated “pent up” investor enthusiasm in the crypto market. Even when the rumour was proven incorrect, prices continued to rise. Meanwhile, some analysts predict that bitcoin will reach $29,400 in the coming days due to increased volume.