Update 1/1 below. This article was originally published on December 31st.
Bitcoin
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Bitcoin's price will end the year as the best-performing asset after rising amid growing expectations that Wall Street giant BlackRock is about to blow up the Bitcoin market (although this process could destroy Bitcoin) , has increased by almost 160%. .
With JPMorgan now expected to take a major step toward its 2024 "$16 trillion by 2030" goal, Goldman Sachs has joined the Bitcoin Spot Exchange Traded Funds (ETF) side in what one analyst calls the "Cointucky Derby." calls. " . To increase the price of Ethereum, XRP, Solana and other coins.
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If approved, a pure-play Bitcoin ETF would “broaden and deepen liquidity in the market,” Matthew McDermott, head of digital assets at Goldman Sachs, told Fox Business .
“And why are you doing this? You do this because you create institutional products that can be sold by companies that don't actually need to touch the underlying assets. And I think that opens up the universe of pensions to me. Insurance companies and "soon."
Update 1/1: Bitcoin prices suddenly exceeded $45,000 per Bitcoin as expectations grew that the U.S. Securities and Exchange Commission (SEC) would approve some Bitcoin exchange-traded fund (ETF) applications this week ) would approve.
"The Bitcoin ETF will continue to trade as if approved until the agency completes all the paperwork," said trading analyst Scott Melker.
" The announcement will likely come at the end of the week." "
I think Bitcoin can rise above $50,000 this month," Stelian Balta, founder of cryptocurrency venture capital fund Hyperchain Capital, said in emailed comments.
"The possibility of accepting a Bitcoin spot ETF also has the recent rally of the market as such ETFs would result in a 'top investment' and legitimize these cryptocurrencies in the eyes of traditional investors. The larger cryptocurrency ecosystem. It could serve as a validation of blockchain technology and its applications that can be applied to other blockchain Projects could draw attention and attract more capital.
However, Balta warned that if the SEC rejects the long-awaited Bitcoin spot ETF, “Bitcoin prices may initially fall a little because people will be disappointed. But in the long run, it might not be a big problem." "The world has faced similar situations before."
The race for a Bitcoin spot ETF began when BlackRock, the world's largest asset manager, launched a Bitcoin spot ETF launched in the USA. Jun has championed a decades-long campaign that
has been repeatedly rejected by the U.S. Securities and Exchange Commission (SEC) in recent years. Applications for Bitcoin spot ETFs in years. However, the latest push is expected to be successful, with some predicting adoption. According to Goldman Sachs McDermott, a new rise in Bitcoin prices could occur as early as 2024. Ethereum
will be a little more opaque when it comes to pricing. , perhaps less liquidity and more transparency."
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The excitement over the SEC's Bitcoin ETF expiration on January 10, 2024 has been dubbed the "Kentucky Derby" by Bloomberg Intelligence's Eric Balchunas, who predicts a "wild start to January" in the X. From others. .
“[NövbÉ™ti iki hafta [daha] öfög öbök,” Nate Geraci, president of advisory firm ETFStore, said
in and trading firm Jane Street named as so-called “authorized participants” in a Bitcoin spot ETF application, meaning the two Bitcoin giants will facilitate flows to and from Wall Street. This is what they did