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Bitcoin Now Primed For A Sudden Shock After Huge $500 Billion Ethereum, BNB, Solana, Cardano And XRP Price Rally

Bitcoin Now Primed For A Sudden Shock After Huge $500 Billion Ethereum, BNB, Solana, Cardano And XRP Price Rally
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Bitcoin soared this week, climbing to an all-time high of around $69,000 per bitcoin after some in the crypto community predicted a “big week” – with higher-than-expected Bitcoin price hikes for US inflation.

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The price of bitcoin has added nearly 20% over the past month, thanks in part to the hype surrounding the launch of US bitcoin exchange-traded funds (ETFs). Bitcoin’s rally has helped lift the broader crypto market, as it has added about $500 billion since this time last month. Several smaller cryptocurrencies, including Ethereum, Binance’s BNB, Solana, and Ripple’s XRP, posted larger gains.

Now, bitcoin and cryptocurrency traders are eyeing a looming regulatory decision expected in the next few days regarding a full bitcoin ETF that will closely track the cryptocurrency and could see “trillions of dollars” pouring into bitcoin.

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The Securities and Exchange Commission (SEC) has until this weekend, November 14, to give a nod to the VanEck bitcoin ETF, just one of a long line of Spot Bitcoin ETFs being deposited with the regulator. Last month, the Securities and Exchange Commission (SEC) allowed the first bitcoin futures ETF to begin trading in New York and quickly became the second largest ETF ever traded.

“Bitcoin’s growing optimism may be due to the upcoming November 14 SEC response deadline for the VanEck-based BTC ETF as traders try to deliver any good news,” Sam Kopelman, UK Director of Bitcoin and Crypto Exchange Luno, said in comments via email, adding, “It was a good start to the week for the crypto markets.”

Last week, bullish bitcoin buyer Michael Saylor and CEO of business intelligence software company MicroStrategy predicted that “trillions of dollars” would flow into bitcoin once the US regulator approves a full-fledged bitcoin ETF. Saylor anticipates that the US-based bitcoin spot ETF will serve as an institutional platform for investors who want exposure to bitcoin, joining others in calling futures-based ETFs “inferior.”

Despite high expectations among self-confident bitcoin and cryptocurrency traders, some experts are not optimistic.

“I think there is really no chance of going through in the next three years,” said Dave Nadig, director of research at ETF Trends. CNBC, pointing to previous calls by SEC President Gary Gensler for clarity about which regulators have power over the emerging crypto market and new legislation passed as part of a massive infrastructure bill that would increase reporting requirements for crypto companies.

However, much of the crypto community believes that there are reasons to be optimistic other than the increasing acceptance of Bitcoin by Wall Street.

“While this recent price rally can be attributed to movements such as the approval of the first Bitcoin ETF for institutional investors, we cannot ignore the impact of significant development and adoption in emerging markets,” Ray Youssef, CEO of fintech platform Paxful said in comments via post. mail.

“More developers are entering the space to build a DeFi stack on bitcoin, the Lightning Network is seeing a massive boom with the support of Twitter Jack Dorsey, and countries like El Salvador have adopted bitcoin as legal tender.”

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Meanwhile, Kopelman echoed other Bitcoin and crypto market watchers who increasingly see Ethereum outperforming the price of Bitcoin. Due to the growth of decentralized finance based on Ethereum (DeFi) and the ongoing craze for non-fungible tokens (NFTs) that are largely traded on the Ethereum blockchain, many have speculated that Ethereum could eventually overtake Bitcoin as the most valuable cryptocurrency.

“Bitcoin’s move comes after a 17-day period of consolidation within the $58,000-$64,000 range,” Kopelman said. “On the heels of bitcoin, ethereum is up 8% over the past seven days — now it’s increasing at the same rate as bitcoin.”

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