Bitcoin ETF

Bitcoin

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<p style="text-align: justify">CryptoQuant, a chain analytics provider, made a bold prediction that the approval of a spot <a href="https://en.coin-turk.com/bitcoin-analyst-predicts-price-could-surpass-42000-in-the-next-12-13-months/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> exchange-traded fund (ETF) by the US Securities and Exchange Commission (<a href="https://en.coin-turk.com/cryptocurrencies-in-2022-a-challenging-year-turns-hopeful/" data-wpel-link="internal" rel="noopener noreferrer nofollow">SEC</a>) could increase the price of Bitcoin (<a href="https://en.coin-turk.com/bitcoin-analyst-donalt-warns-investors-to-prepare-for-a-possible-drop-as-btc-struggles-to-break-key-resistance-level/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>) by triple digits.</p>
<h2 style="text-align: justify" id="bitcoin-indicates-range-of-50-000-to-73-000">Bitcoin Indicates Range of $50,000 to $73,000</h2>
<p style="text-align: justify">CryptoQuant’s new report suggests that if Wall Street companies applying for spot Bitcoin ETFs allocate a portion of their assets under management (AUM) to Bitcoin, billions of dollars would flow into Bitcoin and the cryptocurrency market, resulting in a price increase of more than double:</p>
<p style="text-align: justify">It is worth mentioning that major financial institutions such as BlackRock, VanEck, and Fidelity Investments are among the companies aiming to launch spot Bitcoin ETFs in the US. CryptoQuant stated in its report:</p>
<blockquote>
 <p>If these ETFs are approved, we can expect $155 billion to flow into the Bitcoin market. The total assets under management of these companies are around $15.6 trillion. If they allocate 1% of these assets to Bitcoin ETFs, the amount of money entering the Bitcoin market could be approximately $155 billion.</p>
 <p>According to our calculations, this would increase the current Bitcoin market value by 82% to 165%, and as a result of this fresh capital flow, the price of BTC could reach a range of $50,000 to $73,000.</p>
</blockquote>
<p><img decoding="async" class="aligncenter size-full wp-image-268383" src="https://coin-turk.com/wp-content/uploads/2023/10/Bitcoin-Fiyati.jpeg" alt="" width="1280" height="720"></p>
<p style="text-align: justify">At the time of writing this article, BTC is trading around $28,749. Reaching the upper limit of the range indicated by CryptoQuant, which is $73,000, would represent an increase of approximately 155%.</p>
<h2 style="text-align: justify" id="sec-will-give-green-light-to-a-spot-bitcoin-etf-by-march-2024">“SEC Will Give Green Light to a Spot Bitcoin ETF by March 2024”</h2>
<p style="text-align: justify">Furthermore, CryptoQuant also addressed the timing of when the SEC could approve a spot Bitcoin ETF. The chain analytics provider stated the following in its report:</p>
<blockquote>
 <p style="text-align: justify">Although the approval of these ETFs is not expected this year, positive court decisions in the legal battles fought by Grayscale (GBTC Fund) and XRP against the SEC increase the likelihood of ETF approval by the deadline (March 2024).</p>
</blockquote> Continue Reading: <a href="https://en.coin-turk.com/cryptoquant-secs-approval-of-bitcoin-etf-could-increase-btc-price-by-triple-digits/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/cryptoquant-secs-approval-of-bitcoin-etf-could-increase-btc-price-by-triple-digits/</a>

CryptoQuant: SEC’s Approval of Bitcoin ETF Could Increase BTC Price by Triple Digits

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