Riding The Wave News Summary 163
BlackRock Bitcoin ETF could unlock $30 trillion worth of wealth, Bloomberg analyst says, Bitcoin’s pre-halving rally may start soon — Here’s why, & more.
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BlackRock Bitcoin ETF could unlock $30 trillion worth of wealth, Bloomberg analyst says
US Senators Cynthia Lummis and Kirsten Gillibrand to Unveil Crypto Regulation Proposal on July 12
BOE governor trashes crypto, stablecoins in favor of ‘enhanced digital money’
Tweets
https://twitter.com/callieabost/status/1679112532072562688
https://twitter.com/GameofTrades_/status/1679181327172501524
https://twitter.com/100trillionUSD/status/1679146388448313346
https://twitter.com/WatcherGuru/status/1679105992460587008
https://twitter.com/WClementeIII/status/1678761470580981762
https://twitter.com/WhaleChart/status/1678698734916456448
https://twitter.com/WhaleChart/status/1678741274868740099
https://twitter.com/unusual_whales/status/1678536513120882693
https://twitter.com/SouthAsiaIndex/status/1678372217304895489
https://twitter.com/MacroAlf/status/1678451767682506763
https://twitter.com/WhaleChart/status/1678428216283766786
https://twitter.com/BTC_Archive/status/1678340563765022720
https://twitter.com/WhaleChart/status/1678332426337001472
https://twitter.com/WhaleChart/status/1678372683904344065
https://twitter.com/intocryptoverse/status/1678161634680795138
BlackRock Bitcoin ETF could unlock $30 trillion worth of wealth, Bloomberg analyst says
$30 trillion worth of capital could suddenly unlock for the Bitcoin market if a Bitcoin spot ETF is approved by the U.S. Securities and Exchange Commission, according to Bloomberg ETF analyst Eric Balchunas.
That is the estimated amount of assets controlled by financial advisors in the U.S., who would be willing to get exposure to Bitcoin through a regulated exchange-traded fund.
"ETF is the format in which the boomers and the financial advisors prefer their investments delivered in”, Balchunas explained in an exclusive Cointelegraph interview.
Blackrock's application for a Bitcoin spot ETF last month sparked a new wave of optimism around the crypto market which led other major firms such as ARK Investment, Valkyrie, and Fidelity to file their own applications for a Bitcoin ETF.
The involvement of Blackrock, the world's largest asset manager, was enough to raise the chances of a Bitcoin spot ETF approval from 1% to 50%, according to Balchunas.
Bitcoin’s pre-halving rally may start soon — Here’s why
In the latest episode of The Market Report, Cointelegraph analyst and writer Marcel Pechman discusses Standard Chartered bank’s $120,000 Bitcoin price expectation based on the halving impact. According to the report, increased miner profitability due to a pre-halving rally would “reduce the net BTC supply.”
Pechman, on the other hand, doesn’t acknowledge the thesis, given that the mining difficulty will continue to increase and the news confirming Riot Platform’s investment in new ASIC equipment. In fact, the mining difficulty increased by 73% in the last 12 months, while the Bitcoin price increased by 58%.
Regarding the $50,000 Bitcoin year-end price prediction, Pechman believes the number is too optimistic, given the low odds of a spot Bitcoin exchange-traded fund (ETF) approval by then. However, if the ETF is approved within the next six months, an estimated $5 billion potential inflow could catapult Bitcoin’s price above $70,000.
The expectation of an ETF approval may impact the pre-halving rally, according to Pechman, who also explains why investors may be anticipating the movement. Consequently, the pre-halving effect may get longer or shorter if investors dump before the event happens. Pechman’s recommendation is to avoid the fear of missing out or FOMO. If you missed an entry spot, traders should either wait for the dollar cost average or sit and wait.
Lastly, Pechman analyzes the latest Glassnode on-chain analysis report on re-accumulation at $30,000. According to Pechman, “return to mean” is also widespread in traditional markets. When investors are lost without the necessary conviction to move the price, they will refer to the previous two-year or three-year average levels.
US Senators Cynthia Lummis and Kirsten Gillibrand to Unveil Crypto Regulation Proposal on July 12
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