Bitcoin And Crypto Suddenly Braced For A Huge $48.3 Trillion Price Earthquake

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and cryptocurrency prices have skyrocketed this week, emerging after a Wall Street giant made a shocking statement about the price of bitcoin.

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The price of bitcoin has surpassed $35,000 per bitcoin, its highest level in more than a year, as a result of the uproar over BlackRock's plan.
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The application of bitcoin spot exchange-traded funds (ETFs) reaches a fever pitch (and legendary investor Warren Buffett was discovered to be making money with bitcoin).

Now, As the market faces a shocking "big change", A bitcoin market analyst at crypto fund Galaxy Digital has predicted that the $48.3 trillion US wealth management industry could be about to gain access to the bitcoin and cryptocurrency market.

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MORE FROM FORBESThis is "priceless": a "big change" has just happened that is about to blow up the Bitcoin, Ethereum, XRP and cryptocurrency marketBy Billy Bambrough

“The US wealth management industry will likely be the most addressable and direct market that would have the greatest net accessibility from an approved bitcoin ETF,” Galaxy Digital research associate Charles Yuhe wrote in a note. "In October 2023, assets under management by broker-dealers ($27 trillion), banks ($11 trillion), and RIAs ($9 trillion) collectively amounted to $48.3 trillion."

Yu predicted that the US Securities and Exchange Commission's (SEC) approval of a bitcoin spot ETF would add nearly 75% to the price of bitcoin within a year, potentially attracting more than 14 billion dollars in tickets. Such a move would send the price of bitcoin back to its late-2021 high of nearly $70,000 per bitcoin.

"Anticipation that ETFs will soon be approved is increasing, and our analysis suggests that these products could see significant inflows, driven primarily by wealth management channels that are currently unable to access safe and efficient exposure to bitcoin at scale," Yu wrote.

The price of bitcoin rose further this week, adding nearly 15% in the past three days, as reports that BlackRock had been granted a stock ticker for its bitcoin spot ETF went viral before the Depository Trust and Clearing Corporation to reject rumors that the ticker was new or significant.

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MORE FROM FORBES'Next Wave' Approaching: Bitcoin Surpasses $30,000 as $15.6 Trillion Flood on Wall Street Revealed That Will 'Eclipse' Crypto, Ethereum and XRP's Latest Price Bull RunBy Billy Bambrough

BlackRock's bitcoin spot ETF filing in June started a race on Wall Street to be the first to market a bitcoin fund. raising expectations that the SEC will buckle under the weight of the requests.

Earlier this month, a former BlackRock CEO predicted that it is just a matter of months until the SEC approves a long-awaited bitcoin spot exchange-traded fund (ETF). give the green light to funds that manage assets worth $17.7 trillion.