Crypto Experts Believe Bitcoin Surge Driven By Macroenvironment, Not Just By Spot ETF Approval Anticipation: Report
Portfolio Pulse from Khyathi Dalal
Crypto experts believe that the recent surge in Bitcoin prices is driven by macroeconomic factors, not just by the anticipation of spot ETF approval. Factors such as the rise in jobless rate, slower wage growth, and slower job creation could prevent the Federal Reserve from hiking up interest rates, which could be positive for risk assets like cryptocurrencies. Bitcoin prices have seen a 1.8% increase since Nov.3 and a 25% gain in the past month. Major companies including BlackRock, DTCC, OCC, State Street, Société Générale, Hedera, Citi, BMO, Northern Trust, Citibank, Amazon, S&P Global, Google, Invesco, and Moody’s will join Benzinga for Fintech Deal Day and Future of Digital Assets events.

November 06, 2023 | 11:48 pm
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Bitcoin prices have seen a 1.8% increase since Nov.3 and a 25% gain in the past month, driven by macroeconomic factors rather than the anticipation of spot ETF approval.
The rise in jobless rate, slower wage growth, and slower job creation could prevent the Federal Reserve from hiking up interest rates, which could be positive for risk assets like Bitcoin. This macroeconomic environment, rather than the anticipation of spot ETF approval, is believed to be driving the recent surge in Bitcoin prices.
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IMPORTANCE 80
RELEVANCE 100