Something happened yesterday, so I didn't keep up with you. I noticed after following the marketBitcoin is already 30000 yuan, and Ethereum has exceeded 1600 yuan
Something happened yesterday, so I didn't keep up with you. I noticed after following the marketBitcoin is already 30000 yuan, and Ethereum has exceeded 1600 yuan. Today, how long can the current market continue?
This round of market rise is mainly stimulated by the expected approval of Bitcoin spot ETFs. Even if the six spot ETFs originally scheduled for this week's resolution were postponed, it did not dampen the market's enthusiasm. Many well-known project parties and institutions have expressed optimistic views on the future approval of Bitcoin spot ETFs
Coinbase Chief Legal Officer Paul Grewal stated in an interview that Coinbase is confident in the US SEC's approval of Bitcoin ETFs. The SEC may soon approve spot Bitcoin ETFs and emphasize its failure to prevent grayscale from converting its GBTC to ETFs in court
JPMorgan analysts say that as the US SEC has not appealed against the recent litigation ruling of Grayscale, it is expected that the SEC may approve multiple spot Bitcoin ETF applications within "a few months". Spot Bitcoin ETFs are most likely to be approved before January 10, 2024, which is the final deadline for ArkInvest and 21Shares applications
Expected official approval of Bitcoin spot ETF by the end of the year
Has Bitcoin broken through the $30000 mark and opened the door to a new bull market? There are several positive factors regarding the future trend of Bitcoin
One is to halve the market price.Whenever the Bitcoin blockchain generates 210000 blocks, the miners' block rewards will be halved; This halving occurs approximately every four years, which will slow down the issuance speed of Bitcoin. The next round of Bitcoin halving will occur on May 9, 2024
The multiple halving in history is closely related to the bull market cycle of the entire crypto market. According to past data statistics, Bitcoin will reach its peak around 368-550 days after halving, and then reach its bottom within 779-914 days after halving
The second is the expected approval of Bitcoin spot ETFsOn October 19th, both Grayscale and BlackRock updated their relevant documents on Bitcoin spot ETFs. In addition. SEC Chairman Gary Gensler also expressed a neutral response to the spot ETF application for Tecoin, without a clear rejection attitude, conveying a positive signal
The emergence of spot ETFs will also bring more incremental funds to the market, driving up the price of Bitcoin
Singapore's crypto financial services company Matrixport stated in a report that if BlackRock's spot Bitcoin ETF is approved by the US Securities and Exchange Commission, the price of Bitcoin may rise to between $42000 and $56000. In addition, Matrixport's analysis of 15000 registered investment advisors in the United States predicts that funds worth approximately $12 billion to $24 billion may flow into such ETFs
Thirdly, the continuous increase in computing power means a continuous investment of capital
Bitcoin is now quite unique, as it has become an undeniable presence in the capital market. Those financial giants on Wall Street have applied for spot ETFs
The "strength" of BTC has now demonstrated its attitude. From the perspective of the US stock market trend, BTC has emerged from its own independent market and is no longer following the US stock market
And what we need to pay attention to isIf the market wants to shake up, it must first surge and then plummet, creating a surge in FOMO sentiment in the market, and then plummet to wash out the market. There is actually a lot of funds that want to come in off the exchangeBut they also want to find bargains, at least the current price is not their ideal price range; And now if this price level goes down sharply, I personally think it's in the expectations of most people,So everyone won't get off easily. Bitcoin has a maximum of around 30000 yuan, and there's a unique pattern of copycat fast in and fast out
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
