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MTrading Team • 2024-01-12

Looming ETF Approval Pushes Six-Figure Bitcoin

Looming ETF Approval Pushes Six-Figure Bitcoin

As the ETF approval approaches the finish line, experts predict Bitcoin to reach a six-figure value. After some finishing touches, exchanges are getting ready to list ETFs once approved.

According to recent reports, the SEC has already approved several major cryptocurrency regulators’ offerings. Corresponding letters were sent to the ARK 21Shares and some other BTC regulation platforms. Latest rumours say the ETF approval will take place in the near future. So, it is time for exchanges to speculate on the matter.

Alongside Australia, Germany, and Brazil, Canada has already approved six spot BTC ETFs featuring combined assets that are worth over $2.7 billion. We can see the US regulatory to follow the same path soon.

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Experts believe the ETF approval will have a positive effect on the overall crypto market and Bitcoin in particular. Market participants will receive a confirmation that the major coin is not going anywhere. It will remain the dominating force in the digital asset ecosystem. This will definitely give them more confidence.

Analysts say the approval will give the crypto industry a significant boost. If everything runs smoothly, Bitcoin may become a widespread asset for consumers to perform daily payments as well as personal savings, investments, etc. However, consumers should consider the crucial difference between BTC and the broader crypto industry.

While Bitcoin was initially designed for online transactions, other altcoins are mainly for speculating the market. So, alternative coins are unlikely to find mass market adoption. Besides, they will hardly make sense as the major solution for daily electronic payments.

Oppositely, BTC may find a huge mass adoption with payments processed both on the web and mobile. Widespread consumption will push the asset price forward. It may eventually see the six-figure sign.

May the trading luck be with you!