Bitcoin boasts a $36,000 price tag pending ETF approval
In the year In the early morning hours of November 9, 2023, the price of Bitcoin broke through the $36,000 threshold – a level not reached since falling below it in May 2022.
Many hope that Bitcoin ETF applications from major players such as BlackRock, Fidelity, VanEck and ARK21Shares will further boost the price if approved.
The latest figures from Bloomberg analysts give a 90% chance of getting a blanket Bitcoin ETF by January 10, 2024.
According to a recent CryptoQuant study, around $155 billion could flow into the crypto market if these Bitcoin ETFs are approved. CryptoQuant provides the rationale for this assumption:
“Total assets under management (AUM) of these companies are around $15.6 trillion. If they put 1% of their AUM into these Bitcoin ETFs, the total amount of US dollars going into the Bitcoin market would be around $155 billion.
This is a developing story, more details will be added soon.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.
