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The price of bitcoin has surpassed $36,000 per bitcoin for the first time since mid-2022 thanks to The world's largest asset manager unleashes "nuclear winter" (Some experts anticipate an even bigger shock is coming that could blow up Ethereum and XRP.).
Now, researchers at the largest US bitcoin and cryptocurrency exchange, Coinbase
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The price of bitcoin has risen the most this year, doubling since the end of 2022 and boosting the price of ... [+]
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"Over the long term... bitcoin spot ETFs could add billions of dollars to the total crypto market capitalization, as well as generate potential new investments for the asset class," wrote David Duong, head of institutional research at Coinbase, in the exchange's November market report. seen by Coindesk.
“The impact of one or more bitcoin spot ETF approvals is significant as it will open up a huge opportunity for the wealth management community, which manages more than a third of all wealth in the US.”—recently estimated at $48.3 billion by Galaxy Digital research.
"We believe ETFs can potentially lead to new financial products (such as loans and derivatives)," Duong added, raising the odds that the US Securities and Exchange Commission (SEC) will approve a bitcoin spot ETF so expected before the end of this year, much longer than before BlackRock made its historic presentation in June.
The price of bitcoin has risen steadily through 2023, boosted in June after BlackRock, the world's largest asset manager that manages about $10 trillion on behalf of clients, filed to create a bitcoin spot ETF, with Coinbase as your custodian.
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The price of bitcoin has regained much of the ground it lost during its 2022 crash, but it is still far from over. ... [+]
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Other Wall Street giants rushed to file their own applications in the wake of BlackRock's bid, while crypto asset manager Grayscale scored a legal victory over the SEC that many saw as a precursor to turning its flagship bitcoin trust into a full-fledged bitcoin spot ETF.
“There are smoke signals about the very likely and almost imminent approval of bitcoin spot ETFs,” Bundeep Singh Rangar, CEO of crypto and fintech investor Fineqia, said in emailed comments. "The market is simply responding to this positive signal."
