The rise of Bitcoin beyond $30,000 marks the arrival of an imminent revolution, as Wall Street’s massive influx of $15.6 trillion projects a new era that will surpass the previous crypto bull run dominated by Ethereum and XRP.
The U.S. dollar is facing a “cataclysmic” situation, according to a high-profile billionaire who is stockpiling gold and bitcoin as a result. This warning comes as the bitcoin price was rocked by a false report of a bitcoin spot ETF approval, causing chaos in the crypto market. However, despite the volatility, bitcoin’s market capitalization could soar if a U.S. bitcoin spot ETF is approved, potentially adding $1 trillion to the wider crypto market value.
Financial institutions, such as BlackRock and Grayscale, are leading the charge in advancing bitcoin institutional adoption through ETFs. Analysts predict that a fully-fledged bitcoin ETF in the U.S. could be approved within months, with JPMorgan analysts even suggesting it could happen before January 10, 2024.
The bitcoin price has already seen a 5% increase in the last 24 hours, breaking through the $30,000 barrier for the first time since mid-August. Major asset managers, including Franklin Templeton and BlackRock, have filed for bitcoin spot ETFs, and the SEC has been instructed to reexamine Grayscale’s application. If these spot ETFs bring in fresh money, it could dwarf the inflows seen in the previous bitcoin cycle and potentially boost the bitcoin price to between $50,000 and $73,000.
Investors are increasingly confident in the possibility of spot ETF approval, as reflected in the narrowing discount of the Grayscale Bitcoin Trust. The first final deadline for bitcoin spot ETF approval or denial is set for January 10, 2024, with other filings having deadlines in mid-January and mid-March.
Overall, the crypto market is gearing up for potential significant changes, with the approval of a bitcoin spot ETF having the potential to greatly impact bitcoin’s value and market capitalization. Investors are closely watching developments and preparing for potential opportunities in the market.