HomeCoinsBitcoinBitcoin Worth May Skyrocket if SEC Approves Spotlighted ETF

Bitcoin Worth May Skyrocket if SEC Approves Spotlighted ETF

Within the monetary corridors, whispers are rising louder that ought to the US Securities and Trade Fee (SEC) nod to a Bitcoin exchange-traded fund (ETF), the worth of the premier cryptocurrency may hit a staggering $185,000, leaping greater than 6x its present price.

As of August 30, Bitcoin is hovering barely beneath the $30,000 mark. Nevertheless, it’s standing its floor steadfastly towards the tides. Throughout a CNBC dialogue, Tom Lee, a frequent commentator on Bitcoin’s worth trajectory, supplied a perspective inflicting ripples. Lee posited that approving a spot ETF would soak up Bitcoin’s each day provide. With demand closely outweighing provide, this imbalance could be the dynamo pushing the coin’s worth to the neighborhood of $185,000.

Zooming out, Bitcoin’s roller-coaster journey is nicely documented. Regardless of witnessing a drastic plunge over the past 20 months, it’s nonetheless the undefeated champion within the crypto enviornment based mostly on market cap. Bitcoin’s worth soared to a whopping $69,000 in its heyday earlier than the winds modified in 2022. An enormous selloff was triggered, dragging its worth to beneath $16,000 in November 2022. However just like the phoenix, Bitcoin rebounded, registering a 50% climb from its November doldrums and hitting north of $31,000 in July 2023.

With bated breath, the crypto group now has its gaze fastened on the SEC, the strict gatekeeper of monetary laws. The SEC has beforehand brushed apart pleas for a direct ETF spinoff mapping Bitcoin costs. Though a nod was given for a Bitcoin Futures ETF, the crypto trade’s clamor is for a direct spot BTC ETF.

After the landmark August 29 courtroom verdict backed Grayscale’s stance that their Bitcoin spot ETF was insulated towards market manipulation, the crypto fraternity was buoyant. The SEC confronted a setback, however the courtroom kept away from steering them towards approving the ETF. Nevertheless, after witnessing Bitcoin’s worth catapult from $25,800 to $28,000 post-verdict, a rising cohort believes the SEC is cornered and may yield to the ETF strain sooner slightly than later.

To thicken the plot, on August 30, Bloomberg’s senior ETF analysts, Eric Balchunas, and James Seyffart ratcheted up their projection of an SEC approval for a spot ETF in 2023 to 75%, a leap from their earlier 65% estimate. If 2023 stays barren, they challenge a 95% likelihood for the inexperienced mild in 2024. Their optimism springs from the courtroom’s latest unambiguous stance within the SEC vs. Grayscale duel, which trapped the SEC and dealt them a PR blow, because of the media frenzy.

Bitcoin’s destiny hangs within the steadiness on this unfolding drama, with the SEC holding the strings. The crypto world watches, waits, and wonders.

 

Supply: https://bitcoinworld.co.in/bitcoin-price-could-skyrocket-if-sec-approves-spotlighted-etf/

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