Bitcoin ETF Speculation Fuels A Potential Of 10% Gain Following Recent Rallies
Key Points:
- Bitcoin rally driven by ETF optimism gaining momentum
- Historical data suggests a potential 10% climb in Bitcoin following such rallies
- Analysts speculate on a likely Bitcoin ETF approval by year-end
Bitcoin ETF speculation drives rally as historical data suggests potential gains. Leading asset managers compete to offer spot Bitcoin ETF in the US. Analysts anticipate regulatory approval by year-end, as per BBG.
A Bitcoin rally driven by optimism surrounding exchange-traded funds (ETFs) may continue to gain momentum, following historical patterns. In the past week, the largest digital asset experienced a significant 9.5% surge, the largest weekly gain since June. Traders are betting on the potential approval of the first US ETFs that directly invest in Bitcoin in the coming weeks.
Historical data compiled by Bloomberg indicates that weekly gains of this magnitude have often preceded an average 10% climb in Bitcoin over the subsequent month. As of this writing, Bitcoin is trading at $30,518 after reaching $30,985 on the same day, CoinMarketCap data shows.
Leading asset managers such as BlackRock Inc. and Fidelity Investments are among several firms competing to offer a spot Bitcoin ETF in the US. Many believe that these ETFs will attract new inflows into the cryptocurrency market, as institutional players are likely to be drawn in.
Bitcoin ETF Speculation
Analysts speculate that a Bitcoin ETF approval by the end of the year seems increasingly likely, and it is expected to have medium-term positive effects on the token, as it brings more institutional participation into the space. Federal Reserve speakers’ recent shift in tone, with comments indicating reduced need for another interest-rate hike, is also providing support for Bitcoin.
Bitcoin has outperformed other digital assets this year, with an 87% rebound, surpassing the 44% gain of the top 100 tokens. It currently accounts for nearly 50% of the $1.2 trillion digital-asset market, regaining the dominance it held in 2021.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Bitcoin
Bitcoin ETF Speculation Fuels A Potential Of 10% Gain Following Recent Rallies
Key Points:
- Bitcoin rally driven by ETF optimism gaining momentum
- Historical data suggests a potential 10% climb in Bitcoin following such rallies
- Analysts speculate on a likely Bitcoin ETF approval by year-end
Bitcoin ETF speculation drives rally as historical data suggests potential gains. Leading asset managers compete to offer spot Bitcoin ETF in the US. Analysts anticipate regulatory approval by year-end, as per BBG.
A Bitcoin rally driven by optimism surrounding exchange-traded funds (ETFs) may continue to gain momentum, following historical patterns. In the past week, the largest digital asset experienced a significant 9.5% surge, the largest weekly gain since June. Traders are betting on the potential approval of the first US ETFs that directly invest in Bitcoin in the coming weeks.
Historical data compiled by Bloomberg indicates that weekly gains of this magnitude have often preceded an average 10% climb in Bitcoin over the subsequent month. As of this writing, Bitcoin is trading at $30,518 after reaching $30,985 on the same day, CoinMarketCap data shows.
Leading asset managers such as BlackRock Inc. and Fidelity Investments are among several firms competing to offer a spot Bitcoin ETF in the US. Many believe that these ETFs will attract new inflows into the cryptocurrency market, as institutional players are likely to be drawn in.
Bitcoin ETF Speculation
Analysts speculate that a Bitcoin ETF approval by the end of the year seems increasingly likely, and it is expected to have medium-term positive effects on the token, as it brings more institutional participation into the space. Federal Reserve speakers’ recent shift in tone, with comments indicating reduced need for another interest-rate hike, is also providing support for Bitcoin.
Bitcoin has outperformed other digital assets this year, with an 87% rebound, surpassing the 44% gain of the top 100 tokens. It currently accounts for nearly 50% of the $1.2 trillion digital-asset market, regaining the dominance it held in 2021.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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