Daily Crypto News

Money ‘Flooding’ In—Crypto Now Braced For A Huge Multi-Trillion Wall Street Earthquake Amid

BitcoinBTC has rocketed higher through 2023—boosting the price of ethereum, XRPXRP and other major cryptocurrencies—with 2024 looking set to be an even bigger year for crypto.

Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market rollercoaster ahead of next year’s historical bitcoin halving!

The bitcoin price has surged to around $38,000 per bitcoin, up from lows of around $15,000 per bitcoin last year, thanks to soaring expectations of an imminent Wall Street earthquake.

Now, as the market reels from the U.S. government setting off a “countdown” to Binance’s collapse, the former president of the New York Stock Exchange has predicted money will “flood” into the market when a long-awaited bitcoin spot exchange-traded fund (ETF) is eventually approved.

Bitcoin’s historical halving that’s expected to cause crypto price chaos is just around the corner! Sign up now for the free CryptoCodexA daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market

MORE FROM FORBESEl Salvador Bitcoin Advisor Reveals 2024 Argentina Adoption Plan

“Money will flood into the industry with a bitcoin ETF, it’s just easy to buy it,” Tom Farley, who is now the chief executive of the Peter Theil-backed bitcoin and crypto exchange Bullish, told CNBC. “People believe in bitcoin. Bitcoin is a great invention. It is a store of value.”

The bitcoin price was turbo-charged in June after BlackRockBLK, the world’s largest asset manager handling around $10 trillion on behalf of clients, applied to create a bitcoin spot ETF with crypto exchange Coinbase as its custodian.

BlackRock’s landmark bitcoin spot ETF filing kicked off a Wall Street rush to get a bitcoin fund to market. Researchers at Coinbase predicted the looming bitcoin ETF boom could open the floodgates for the $48.3 trillion U.S. wealth management industry to sweep into the crypto market.

Bitcoin and crypto traders were given a further shot in the arm when asset manager Grayscale won a legal victory over the U.S. Securities and Exchange Commission (SEC), the regulator that has repeatedly blocked applications for a bitcoin spot ETF over the last decade.

A court ordered the SEC to reconsider Grayscale’s bid to convert its flagship bitcoin trust to a fully-fledged bitcoin spot ETF, taken by many to be a sign the SEC will ultimately green light the move.

“Everyone acknowledges bitcoin is not a security, including the regulators,” Farley added.

Last week, one high-profile ETF analyst claimed leaked SEC chats reveal the agency is negotiating with crypto exchanges on ETF applications.

Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious

MORE FROM FORBESU.S. Dollar Collapse ‘Acceleration’-$33.7 Trillion Shock Fed Inflation Warning Makes The ‘Bullish Case’ For Bitcoin, Ethereum, XRP And Crypto Price Surge

However, other market watchers are more cautious, predicting a bitcoin ETF will eventually help the bitcoin price recover but slowly.

“While everyone predicts that a bitcoin ETF and an ethereumETH ETF will get approved and launch with tremendous enthusiasm, we believe that the actual uptake will be slower than anticipated,” Laurence Latimer, the chief executive of Dinara, enterprise banking software company, said in emailed comments.

“Moreover, we predict the approval will drive a surge in bitcoin demand, pushing prices higher and bringing bitcoin back into the popular consciousness as a ‘good’ thing rather than as a negative headline, further helping accelerate mainstream adoption.”

Follow me on Twitter

Read More: Money ‘Flooding’ In—Crypto Now Braced For A Huge Multi-Trillion Wall Street Earthquake Amid

Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. NewsOfBitcoin.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.