BitcoinBTC, ethereum and other top cryptocurrencies BNBBNB, XRPXRP, cardano, dogecoin, tron, polygon and solana have surged back this year after 2022’s price crash (with Binance’s chief executive revealing when he thinks the bull run will return).
The bitcoin price has topped $30,000 per bitcoin, double its late 2022 price, with two shock crypto flips helping the crypto market rebound as the world’s largest asset manager BlackRock pulled the trigger on a landmark race.
Now, after Elon Musk surprised traders with a bullish crypto prediction, bitcoin and crypto are braced for $30 trillion worth of capital hitting the market if any one of the recent flurry of U.S. spot bitcoin exchange-traded fund (ETF) filings are approved by the U.S. Securities and Exchange Commission (SEC).
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“The big deal is that the ETF is the platform or vehicle that so many financial advisors prefer,” Bloomberg Intelligence ETF analyst Eric Balchunas told Cointelegraph.
“This matters because financial advisors manage about $30 trillion in assets [and] this would open up all that money. Even 1% or 2% of $30 trillion is a lot of money … it’s a bridge to all that wealth.”
Last month, BlackRock sent shock waves through the world of crypto with a filing for a U.S. spot bitcoin ETF, a move that was closely followed by other finance heavyweights who expect BlackRock to carve a path through the regulatory minefield.
Earlier this week, Former SEC chair Jay Clayton said regulators would find it “hard to resist” approving a spot ETF. “If [the applicants] are right—that the spot market has similar efficacy to the futures market—it would be hard to resist approving a bitcoin ETF,” Clayton told CNBC in comments that were cheered by bitcoin traders.
“This indicates that the acceptance of bitcoin in the traditional financial system is becoming inevitable,” Thomas Kralow, a crypto hedge fund manager, said in emailed comments. “With trillions of dollars waiting to be utilized and institutional investors entering the crypto space, the potential for growth is substantial.”
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Meanwhile, bitcoin and crypto companies are reporting an uptick in cryptocurrency interest following BlackRock’s ETF filing.
“Interest in cryptocurrencies continues to grow, though their price volatility means investors are increasingly exploring different ways of gaining differentiated exposure to the asset class, including through derivatives,” Michael Hall, head of distribution at Spectrum Markets, said in emailed comments.
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