BlackRock’s Spot Bitcoin ETF Approval Could Propel Bitcoin To $56,000, Matrixport Says ⋆ ZyCrypto
The post BlackRock’s Spot Bitcoin ETF Approval Could Propel Bitcoin To $56,000, Matrixport Says ⋆ ZyCrypto appeared on BitcoinEthereumNews.com. Advertisement     Speculation is rife the SEC could approve the first U.S.-based spot bitcoin exchange-traded fund (ETF) in the coming months. According to crypto services provider Matrixport, the price of the benchmark crypto will likely move up rapidly to as high as $56,000 once approval of BlackRock’s ETF application happens. Bitcoin Could Blast Off To $56K If BlackRock’s ETF Gets Approved The Bitcoin price was rocked on Monday by a viral, erroneous report that a much-awaited spot Bitcoin ETF had received the nod from the U.S. Securities and Exchange Commission (SEC), causing the OG cryptocurrency to spike 10% to the $30,000 mark before quickly retracing to $28,000. Now, Matrixport has revealed Bitcoin’s price could soar to between $42,000 and $56,000 should BlackRock’s spot Bitcoin ETF be approved. Matrixport expects some $12 billion to $24 billion worth of inflows to come into such an investment product if roughly 10-20% of precious metals ETF investors seek to diversify their investments into BTC. “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 posited in its Thursday report. “With a larger influx of $50 billion, Bitcoin could potentially rally to $56,000.” The crypto financial services firm further notes that 15,000 U.S. registered investor advisors (RIA) oversee approximately $15 trillion, contending that even a modest 1% allocation recommendation for Bitcoin by this group would usher in at least $50 billion in inflows. Advertisement     BlackRock Tweaks Bitcoin ETF Proposal BlackRock took the giant leap toward a spot Bitcoin ETF under the title iShares Bitcoin Trust on June 15, paving the way for institutional capital to flood into the crypto asset. While it isn’t a guarantee we will see a Bitcoin spot ETF soon, it is…
The post BlackRock’s Spot Bitcoin ETF Approval Could Propel Bitcoin To $56,000, Matrixport Says ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement Speculation is rife the SEC could approve the first U.S.-based spot bitcoin exchange-traded fund (ETF) in the coming months. According to crypto services provider Matrixport, the price of the benchmark crypto will likely move up rapidly to as high as $56,000 once approval of BlackRock’s ETF application happens. Bitcoin Could Blast Off To $56K If BlackRock’s ETF Gets Approved The Bitcoin price was rocked on Monday by a viral, erroneous report that a much-awaited spot Bitcoin ETF had received the nod from the U.S. Securities and Exchange Commission (SEC), causing the OG cryptocurrency to spike 10% to the $30,000 mark before quickly retracing to $28,000. Now, Matrixport has revealed Bitcoin’s price could soar to between $42,000 and $56,000 should BlackRock’s spot Bitcoin ETF be approved. Matrixport expects some $12 billion to $24 billion worth of inflows to come into such an investment product if roughly 10-20% of precious metals ETF investors seek to diversify their investments into BTC. “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 posited in its Thursday report. “With a larger influx of $50 billion, Bitcoin could potentially rally to $56,000.” The crypto financial services firm further notes that 15,000 U.S. registered investor advisors (RIA) oversee approximately $15 trillion, contending that even a modest 1% allocation recommendation for Bitcoin by this group would usher in at least $50 billion in inflows. Advertisement BlackRock Tweaks Bitcoin ETF Proposal BlackRock took the giant leap toward a spot Bitcoin ETF under the title iShares Bitcoin Trust on June 15, paving the way for institutional capital to flood into the crypto asset. While it isn’t a guarantee we will see a Bitcoin spot ETF soon, it is…
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