Matrixport’s estimate is based on a projected $12 billion to $24 billion worth of inflows into a spot bitcoin ETF.
The price of bitcoin could rise to between $42,000 and $56,000 if BlackRock's spot bitcoin ETF is approved by the Securities and Exchange Commission, according to digital assets financial services platform Matrixport. Utilizing its analysis of 15,000 U.S. registered investment advisors, Matrixport projected some $12 billion to $24 billion worth of inflows could come into such an ETF.
“If Tether’s market cap increases by $24 billion, acting as a proxy for potential ETF inflows, bitcoin’s price would rise to $42,000, representing a conservative estimate,” Matrixport noted. “With a larger influx of $50 billion, bitcoin could potentially rally to $56,000.” RIAs oversee around $5 trillion, according to Matrixport, arguing a modest 1% allocation recommendation from the group could produce the up to $50 billion of inflows.
A wild trading day on Monday saw bitcoin's price spike 5% to almost $30,000 after a false report regarding approval of BlackRock's spot ETF circulated on social media before being debunked. Earlier this month, former BlackRock executive Martin Bednall said the SEC will likely approve all spot bitcoin ETF applications at the same time.© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Dogecoin Price Would Likely Pump on Bitcoin ETF Approval (Op-Ed)Crypto Blog
Baca lebih lajut »
Bitcoin (BTC) Might Touch $56,000 on BlackRock ETF TriggerBlackRock ETF approval can push Bitcoin to $56,000, new Matrixport report says
Baca lebih lajut »
Grayscale files for new spot Bitcoin ETF on NYSE ArcaGrayscale files for new spot Bitcoin ETF on the NYSE Arca.
Baca lebih lajut »
Fidelity Shakes up Market With Updated Bitcoin ETF ApplicationFidelity's move might push approval of Bitcoin ETF closer to reality
Baca lebih lajut »
Bitcoin Price Beating Stocks. Hopes Are High for a Crypto ETF.Crypto investors remain bullish on hopes that the first spot Bitcoin ETF could soon start trading.
Baca lebih lajut »
Bitcoin Outperforms Stocks as Crypto ETF Hopes Outweigh Macro HeadwindsCrypto investors remain bullish on hopes that the first spot Bitcoin ETF could soon start trading.
Baca lebih lajut »