Will Bitcoin Spot ETF affect the price of Bitcoin?
The answer to this question is... YES!
Here are the AWESOME reasons.
On October 16th, 2023, a false report posted on Cointelegraph’s X(Twitter) that a Spot ETF had been passed by the SEC caused Bitcoin to surge from $27,900 to $30,000.
The false post was deleted after nearly 30 minutes after being posted but sparked enough interactions to impact prices significantly.
In addition,on the same day I posted a video on my Tik Tok Account indicating that Bitcoin price was set to rise and that it was on a Bullish trend.
Here is the video below.
The fake news was and is still is a clear message that Bitcoin price is set to sky rocket once the Bitcoin Spot ETFs are passed in the U.S.@amchainlinked Bitcoin is bullish. Get Bitcoin today. Click link in my bio. #bitcoin #crypto #10xprofit #kenyantiktok🇰🇪 ♬ original sound - Winfred Gathoni
Since then to date, Bitcoin price has risen by 69.24%.
In addition, on the same day Bitcoin recovered from a Bearish trend to a Bullish Trend.
This is indicated by my custom ribbons where the blue ribbon is abovethe orange ribbon and the ribbons have separated.
The total market capitalization of all crypto currency also turned Bullish from a Bearish trend.
The market capitalization has had a rise of 67.37% since breaking out of the fake news.
Bitcoin ETFs, according to Chainlink co-founder Nazarov, will spur widespread institutional adoption.
With the introduction of Bitcoin ETFs, traditional banking and DeFi may be entering a revolutionary new era.
The Bitcoin Spot ETF will signify a transformation potential of both traditional financial institutions and blockchain technology.
The gap between DeFi and TradFi is getting narrower as the Bitcoin Spot ETF approval draws near.
Chainlink co-founder Sergey Nazarov believes a spot Bitcoin ETF will create a path for institutions to buy Bitcoin en masse, eventually leading to more blockchain products and services.
Nazarov shared his insights during a recent interview with CNBC, discussing the transformative potential of blockchain technology in the traditional finance (TradFi) sector.
Watch the FULL interview here.
For an extended period, Nazarov has been a proponent of increased cooperation between TradFi and blockchain technology.
He believes that traditional capital markets are the main consumers and purchasers of cryptocurrencies.
He believes the advent of products like Bitcoin ETFs marks the start of a deeper integration.
Nazarov paints a fascinating picture of a time when traditional finance and blockchain coexist and actively work together to create a financial environment that is more secure, efficient, and transparent in his remarks made during the CNBC interview.
James Butterfill, Head of Research at Coin Shares in his latest X post, confirmed that Crypto investment products went to $103 million in inflows ahead of Bitcoin ETF.
This anticipation of a spot Bitcoin ETF prompted a further inflow, bringing the year-to-date flow to almost $2 billion..
US$103m inflows in digital assets last week, no report on Monday. Merry Christmas! pic.twitter.com/xAVzCrPPkQ
— James Butterfill (@jbutterfill) December 23, 2023
Aside from the Bitcoin Spot ETF hype and market sentiment, the Bitcoin price is still expected to rise.
As per the research conducted by Cathy Woods'ARK Invest, the market capitalization of cryptocurrencies is still a small portion of global assets, but it is expected to
reach approximately $30 trillion by 2030.
Cathy Woods’ Ark Invest is one of the 12 Asset Management and Investment Companies that have applied for a Bitcoin Spot ETF to the Securities and Exchanges Commission
(SEC).
The current market cap of all crypto as of December 16th 2023 was 1.61 trillion dollars according to Coinmarketcap.com website.
This is approximately a18.6x market cap expectation.
Bitcoin’s dominance is at 51.6% of this total market cap.
Thus Bitcoin’s price is also expected to go up by 18.6x as at the above date.
Thus Bitcoin Price is expected to go to approximately $760,000.
This is approximately 2 bullruns from now.
That is 2025 and 2029 Bullrun.
Amazing!!!
What this means is that Bitcoin price is surely on an uptrend.
It also means that this is the right time to start investing.