Potential Approval Date & Price Prediction
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The fervor surrounding the potential approval of a United States-based spot Bitcoin ETF (exchange-traded fund) is reaching a crescendo. With Bloomberg Intelligence estimating a 90% chance of a nod from the Securities and Exchange Commission (SEC) by January 10, 2024, the crypto market’s pulses are racing. The endorsement of such a product could spell a new dawn for Bitcoin’s price trajectory, potentially propelling it to $150,000. Institutional Demand Grows for a Bitcoin ETF The whispers of BlackRock seeding its Bitcoin ETF have sent tremors through the crypto market. Subsequently nudging the price of Bitcoin to over $35,000. A figure unseen in nearly 18 months and a stark contrast to Ethereum’s 50% year-to-date rise. The recent surge in Bitcoin’s price, marked by a 27% uptick in October, signals a buoyant market. Indeed, this speculation mirrors a broader sentiment that the US is on the cusp of embracing Bitcoin ETFs. This will align with the more progressive stance seen in Canada and Europe. “Institutional demand for a spot Bitcoin ETF is stronger than ever before. For many institutions, it is a matter of when — not if — the SEC will approve a spot Bitcoin ETF,” Diogo Mónica, President of Anchorage Digital, said. Bitcoin Price Performance. Source: TradingView The approval could also potentially counter the effects of the recent crypto crackdown. Therefore opening a regulated avenue for US firms to venture into the crypto industry. This move could see trading giants like Jane Street, Virtu Financial, and others providing liquidity for BlackRock’s Bitcoin ETF, further bolstering the market dynamics. At present, US investors’ pathway to Bitcoin exposure remains tethered to futures, options, and other derivatives. Notably, the Grayscale Bitcoin Trust (GBTC) is a beacon, boasting over $21 billion in assets under management (AUM). However, the allure of ETFs, with on-exchange trading features…
Filed under: News - @ November 1, 2023 9:14 am