Will Spot Bitcoin ETF Approval Be A Boon Or Bane? Here's What Industry Experts Say
Portfolio Pulse from Khyathi Dalal
The crypto market is abuzz with the possibility of Spot Bitcoin ETF approvals, with a decision expected between Jan. 5 to Jan. 10, 2024. Joe Burnett of Unchained.com used ChatGPT 4 to predict a $7.91 trillion BTC market cap if 10% of passive index fund flows go into a Bitcoin ETF over 24 months. Nate Geraci, ETF store president, warns of a potential 'rug pull' if the ETF is not approved, and a 'bloodbath for crypto exchanges.' The Bitcoin halving event in April 2024 is also anticipated to boost the market. Bitwise released an ad promoting its crypto-backed ETFs. In the last 90 days, BTC and ETH have seen significant gains, with some altcoins like Avalanche and Solana experiencing triple-digit increases.
December 18, 2023 | 7:07 pm
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POSITIVE IMPACT
The potential approval of Spot Bitcoin ETFs could significantly impact BTCUSD, with predictions of a substantial market cap increase. However, non-approval may lead to negative market sentiment and a possible 'rug pull' scenario.
The article suggests a high level of market anticipation for the Spot Bitcoin ETF approval, which could lead to a significant increase in BTCUSD price if approved. The mention of a 'rug pull' by Nate Geraci indicates that non-approval could result in a sharp decline. The upcoming Bitcoin halving event is also expected to positively impact the price.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100