Bitcoin, Ethereum, Dogecoin Rise After Fidelity ETF News: Analyst Says King Crypto Poised To Touch $40K If SEC Approves Application
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies including Bitcoin, Ethereum, and Dogecoin saw gains following reports that Fidelity is preparing to submit an application for a Bitcoin ETF in the US. This comes after several other asset managers, including BlackRock, WisdomTree, Invesco, and Bitwise, have filed similar applications. Approval from the SEC is required for these applications. Analysts suggest that if a Bitcoin ETF is approved, it could drive the price of Bitcoin as high as $40,000.
June 28, 2023 | 2:53 am
News sentiment analysis
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Bitcoin's price could potentially rise to $40,000 if a Bitcoin ETF is approved by the SEC.
The news of Fidelity's upcoming Bitcoin ETF application, along with similar applications from other asset managers, has created a positive sentiment around Bitcoin. If the SEC approves these applications, it could lead to increased institutional investment in Bitcoin, potentially driving its price up.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Dogecoin saw minor gains following the news of Fidelity's Bitcoin ETF application, indicating a positive sentiment around cryptocurrencies in general.
While the news is directly related to Bitcoin, it has created a positive sentiment around cryptocurrencies in general, which has also benefited Dogecoin. If a Bitcoin ETF is approved, it could potentially lead to increased institutional investment in cryptocurrencies, including Dogecoin.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 40
POSITIVE IMPACT
Ethereum also saw gains following the news of Fidelity's Bitcoin ETF application, indicating a positive sentiment around cryptocurrencies in general.
While the news is directly related to Bitcoin, it has created a positive sentiment around cryptocurrencies in general, which has also benefited Ethereum. If a Bitcoin ETF is approved, it could potentially lead to increased institutional investment in cryptocurrencies, including Ethereum.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 60