The Bitcoin Price Surges Past $36,000
On November 9, 2023, the price of Bitcoin soared past the $36,000 mark, a level not seen since May 2022. This surge has raised hopes that pending Bitcoin ETF applications from major financial players such as BlackRock, Fidelity, VanEck, and ARK21Shares could push the price even higher if they are approved.
Bloomberg analysts have estimated a 90% likelihood of a blanket approval for Bitcoin ETFs by January 10, 2024. According to a recent study by CryptoQuant, if these ETFs are given the green light, approximately $155 billion could flow into the crypto market. This estimate is based on the assumption that these financial firms would allocate just 1% of their Assets Under Management (AUM) into Bitcoin ETFs.
Hot Take: Bitcoin’s Future
The recent surge in Bitcoin’s price and the potential approval of Bitcoin ETFs by major financial institutions have generated significant excitement in the crypto market. If these ETFs are indeed approved, it could lead to a substantial influx of capital into the crypto space, further legitimizing Bitcoin as an investment vehicle. Keep a close eye on developments in this space as they continue to unfold.
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