Bitcoin
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As Ethereum, XRP and the cryptocurrency market prepare for a $15.6 trillion earthquake, the price of Bitcoin this week reached $30,000 per bitcoin for the first time since August.
Today, after the Bitcoin price was rocked by the viral and false news of the US Securities and Exchange Commission's (SEC) approval of a long-awaited Bitcoin exchange-traded fund (ETF), crypto market observers predicted a long-awaited urgent development. - The ETF is expected to be approved later this year and its pricing has not yet been determined.
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“[The spot Bitcoin ETF] will be approved, we expect it to be this year, 2023,” Mike Novogratz, a cryptocurrency investor and managing director at Galaxy Investment Partners, told CNBC this week. "All signs... point in the right direction."
Galaxy Investment Partners cooperates with Invesco.
In June, which sparked a frenzy around Bitcoin spot ETFs on Wall Street, it changed its record, with Novogratz emphasizing that something like "dialogue with the SEC is moving in the right direction."
“There is no longer a debate about how [Bitcoin] works or why it is important. It's just a well-known macroeconomic asset that represents a major psychological shift,” Novogratz said.
Coinbase general counsel Paul Grewal told CNBC that the bitcoin and cryptocurrency exchange is confident the US Bitcoin Spot ETF will be approved by the SEC.
“I am confident that these [ETF] applications will be approved simply because they must be approved under the law,” Grewal said. “We are very pleased that there are a number of events that we believe are imminent or already occurring that will renew investor and consumer interest in cryptocurrencies.” Subscribe to CryptoCodex Now:
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Last week, a fake report about cryptocurrencies such as Ethereum and XRP went viral.
Cryptocurrency analysts point to Bitcoin's price reaction as evidence that no spot Bitcoin ETF has yet been "priced" and could spark a bull run.
“This event highlighted several key messages: (1) The ETF was not publicly issued, as evidenced by the market reaction to the fake name,” Sean Farrell, head of digital asset strategy at Fundstrat, said in a note consulted by Bloomberg . “And (2) the amount of capital inflows required to meaningfully move Bitcoin in this market is relatively small, as evidenced by strong price movements with relatively small volumes and inflows
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no positive news."