Cryptocurrency

Bitcoin ETF

Bitcoin

Silk Road

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 <p>Cryptocurrency investment firm Matrixport predicts Bitcoin prices could surge past $50,000 by the end of January 2024 if the SEC approves Bitcoin spot exchange-traded funds (ETFs).</p>
 <p>In a recent report, Matrixport draws parallels to 2017, when the launch of Bitcoin futures on the CME Group exchange preceded a nearly 200% price increase for Bitcoin in the six to seven weeks leading up to the first day of futures trading.</p>
 <p><strong>Also read: US Government Finalizes Forfeiture of 69,370 Silk Road Bitcoin</strong></p>
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 <h2 class="wp-block-heading" id="h-bitcoin-spot-etfs-could-trigger-a-similar-surge">Bitcoin spot ETFs could trigger a similar surge</h2>
 <p>Matrixport believes SEC approval of spot ETFs could produce a similar demand surge. Unlike futures, spot ETFs would allow mainstream stock investors exposure to Bitcoin itself rather than derivatives contracts.</p>
 <p><strong>“While we foresaw a consolidation period from December 8 until potentially the end of the year, we now expect that Bitcoin could break out,” </strong>says Matrixport.</p>
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 <p>Matrixport expects prices to break out soon, potentially even seeing modest 3% gains between Christmas and New Year’s based on historical data.</p>
 <p>More significantly, Matrixport highlights past years like 2011, 2013, and 2020, when BTC prices rose over 20% during the holiday period.</p>
 <p><strong>Also read: Top 3 Cryptocurrencies You Need Before the Next Bull Run</strong></p>
 <p>Intensifying competition among the numerous ETF applicants could also boost prices over Christmas. Firms have already rolled out TV advertising campaigns to attract investor dollars once the ETFs debut, aiming to become dominant players in the soon-to-launch spot ETF space.</p>
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 <p>Of course, SEC rejection or delay of spot ETFs could equally crush prices in the near term. Even if the launch goes smoothly, technical trading aspects surrounding the ETFs could introduce volatility. However, Matrixport remains confident the SEC will sanction spot Bitcoin ETF trading soon.&nbsp;</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-to-top-50-000-if-sec-approves-spot-etfs-report-tbt74389.html">https://thebittimes.com/bitcoin-price-to-top-50-000-if-sec-approves-spot-etfs-report-tbt74389.html</a></p>

Bitcoin Price To Top $50,000 if SEC Approves Spot ETFs: Report

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