Bitcoin Price Could Surge with ETF Spot Approval, Says Standard Chartered
Standard Chartered Bank analysts believe that the price of Bitcoin (BTC) could experience significant gains if a spot ETF is approved in the US. This optimistic prediction coincides with the successful presale of Bitcoin ETF Token (BTCETF), which has already raised $2.1 million in early investment.
Standard Chartered Forecasts $100k Bitcoin within 12 Months
In a recent research note, Standard Chartered reiterated its bullish stance on Bitcoin’s price, thanks to the potential launch of spot ETFs in the US. The bank predicts that Bitcoin could reach $100,000 within the next year as regulators consider approving these ETFs. This would represent a 165% increase from Bitcoin’s current level around $38,000.
Pando Asset Files for Spot ETF as BlackRock Holds SEC Meeting
Pando Asset, a Swiss asset manager, has unexpectedly entered the race to launch a spot Bitcoin ETF in the US by filing on November 29. Pando joins major players like BlackRock and Grayscale as the 13th applicant. The proposed Pando ETF aims to track Bitcoin’s price using Coinbase as the custodian. Meanwhile, BlackRock recently met with SEC officials to present an updated ETF model based on previous feedback.
New Crypto Project BTCETF Raises $2.1m in Presale
Bitcoin ETF Token (BTCETF) is a new crypto project that aims to let investors capitalize on potential market impacts resulting from spot Bitcoin ETF approval in early 2024. The project’s presale has gained traction and reached $2.1 million in a short period. BTCETF is a deflationary token with transaction taxes and token burns tied to ETF milestones, rewarding long-term holders. Additionally, investors can earn staking rewards on their BTCETF holdings.
Hot Take: Bitcoin ETF Approval Could Boost Crypto Market
The potential approval of spot Bitcoin ETFs in the US has generated excitement among investors and analysts. Standard Chartered Bank predicts significant price gains for Bitcoin if these ETFs are approved, with a target of $100,000 within the next 12 months. The entry of Pando Asset into the race and BlackRock’s meeting with the SEC further indicate the growing interest in Bitcoin ETFs. Additionally, the presale success of BTCETF demonstrates investor enthusiasm for gaining exposure to potential bullish momentum. Overall, the approval of Bitcoin ETFs could have a positive impact on the crypto market as a whole.
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