A recent Forbes report has described the readiness of Bitcoin, XRP, and Ethereum for a huge multi-trillion Wall- Street money as Bitcoin ETF Approval Looms.
The cryptocurrency market is on edge as the long-awaited approval of a bitcoin spot exchange-traded fund (ETF) gets closer. According to a recent Forbes report, this highly anticipated approval could unleash a massive influx of capital into the crypto market, potentially triggering a multi-trillion-dollar shift in the financial landscape.
Bitcoin has already witnessed a remarkable resurgence in 2023, surging from lows of around $15,000 to current levels of over $38,000. This surge is largely attributed to mounting expectations surrounding a Bitcoin spot ETF, enabling investors to track the price of Bitcoin without having to purchase the cryptocurrency directly.
The Potential Impact of a Bitcoin ETF
A Bitcoin spot ETF approval would mark a watershed moment for the cryptocurrency industry, signaling its maturation and acceptance by mainstream financial institutions.
This approval would likely pave the way for a surge in institutional investment, driving up the prices of Bitcoin and other major cryptocurrencies like Ethereum and XRP.
A fake ETF filing sent XRP to its highest price in months, and the community is eager to see what real ETFs will bring to the crypto market.
According to Forbes, Tom Farley, the former president of the New York Stock Exchange and current CEO of the crypto exchange Bullish, believes that a Bitcoin spot ETF approval would unleash a “flood” of money into the crypto market. He attributes this to the ease with which investors can purchase Bitcoin through an ETF, making it more accessible to a wider audience.
BlackRock, the world’s largest asset manager, played a pivotal role in igniting the ETF frenzy by applying for a Bitcoin spot ETF in June. This move prompted a flurry of similar applications from other major financial institutions, all eager to capitalize on the growing demand for Bitcoin exposure.
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The Grayscale Victory
The Forbes report also highlighted Grayscale’s victory over the SEC. Grayscale won a court order requiring the U.S. Securities and Exchange Commission (SEC) to reconsider rejecting Grayscale’s application to convert its flagship Bitcoin trust into a Bitcoin spot ETF.
While some market analysts anticipate a rapid surge in Bitcoin prices following the approval of a Bitcoin spot ETF, others caution against overly optimistic expectations. According to Forbes, Laurence Latimer, CEO of enterprise banking software company Dinara, believes that the initial uptake of Bitcoin ETFs may be slower than anticipated.
However, he acknowledges that the approval would inevitably surge Bitcoin demand, pushing prices higher and enhancing mainstream adoption. Overall, the cryptocurrency market will experience significant transformation with the approval of a bitcoin spot ETF.