Earlier today, Blackrock, worth $10 trillion, refiled for Bitcoin ETF approval, and now all eyes are on the SEC. It has given the crypto community hope and expectation of good news. Notably, One X(Twitter) user commented on the news, saying the crypto market will be crazy after the Bitcoin ETF approval. Of course, this is very much true, seeing the little spike on Bitcoin after the fake ETF approval news sometime this week.
The hopefulness of the crypto community would only put pressure on the SEC, but it isn’t enough to get Bitcoin ETF approval. Find out why the SEC cannot delay Bitcoin ETF approval further.
Experts Prediction About Bitcoin ETF Approval
Matrixport’s recent report suggests that Bitcoin’s price could skyrocket to $42,000 once the SEC approves BlackRock’s proposal. Already, we saw how the price of Bitcoin shot up to nearly $30,000 immediately after a false ETF approval report.
Apparently, Matrixport surveyed 15,000 U.S. registered investor advisors handling almost $5 trillion. The report states that if Tether’s market cap rises by $24 billion due to potential ETF inflows, BTC could skyrocket to $42,000. Therefore, if Tether’s market cap increases to a larger influx of $50 billion, Bitcoin could rally to $56,000.
Macro crypto analyst Alex Krüger also remarked, “One thing is for sure. Whoever thinks the ETF is already priced in has just been proven wrong. Expect a +20% day move when approved”. Currently, all eyes are on SEC to make the right choice, if it truly values customer’s needs and protection.
Bitcoin ETF Approvals Could Add $1 Trillion to Crypto Market Cap
CryptoQuant, a top blockchain analytics firm, predicts the Bitcoin market cap will gain $155 billion following Bitcoin ETF approval. Bitcoin will become a $900 billion asset, and the total crypto market will grow by $1 trillion.
CryptoQuant compared the hypothetical inflow from spot ETFs to that of Grayscale Bitcoin Trust (GBTC) in the last bull market cycle. The report says the inflow from spot ETFs would be greater than the amount that entered the GBTC.
It is the largest digital assets fund in the world, currently with $16.7 billion in assets under management.
High Valuation Of Companies Applying for Bitcoin ETF Approval
Blackrock spot ETF application has been one of the drivers of hope in the crypto industry, seeing that the company is worth over $10 trillion. That alone is enough to spark conversations. Aside from BlackRock, companies like Invesco Galaxy, valued at $1.5 trillion, resubmitted their updated application for SEC approval.
Additionally, ARK Invest, valued at $14 billion, updated its application recently and resubmitted it. These high-value companies’ applications could make the SEC reconsider and approve.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.