Million

strong bull

Grayscale Bitcoin Trust

<p>The post <a href="https://coinpedia.org/news/heres-when-bitcoin-btc-price-might-hit-1-million-ceo-of-ark-invest-predicts-timeline/">Bitcoin Explodes with $3 Billion ETF Debut: $1 Million by 2030?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The recent approval of a <a href="https://coinpedia.org/news/shark-tanks-kevin-oleary-deems-spot-bitcoin-etfs-practically-useless-for-big-investors/">Spot Bitcoin ETF</a> by the <a href="https://coinpedia.org/news/bitcoin-etfs-take-wall-street-by-storm-4-5-billion-traded-in-a-day/">Securities and Exchange Commission (SEC)</a> has brought a seismic shift to the cryptocurrency market. The eagerly anticipated ETF, boasting an impressive $3 billion in trading volume within its first hours, has outpaced even Gold ETFs, capturing global attention and excitement among crypto enthusiasts.</p> 
<p>On its first day, the ETF witnessed an extraordinary 700,000 individual transactions, setting a new standard in market activity. Despite the <a href="https://coinpedia.org/news/grayscale-bitcoin-trust-is-all-set-to-launch-as-an-etf/">Grayscale Bitcoin Trust (GBTC)</a> signaling a potential sell-off with a trading discount, the combined trading volume across various funds like IBIT, FBTC, and ARKB soared to an astonishing $4.33 billion.</p> 
<p>Here’s a deep dive into some more insights! </p> 
<h2 class="wp-block-heading" id="h-eyes-on-the-million-dollar-prize">Eyes on the Million-Dollar Prize?</h2> 
<p>With Bitcoin ETFs in the spotlight, questions abound about the cryptocurrency’s future. Will <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> hit the elusive $1 million mark? Renowned investor and Ark Invest CEO, <a href="https://coinpedia.org/news/what-comes-after-etf-cathie-woods-take-on-bitcoins-role-applauds-21shares/">Cathie Wood</a>, a stalwart in forward-thinking strategies, has unveiled her optimistic projections. Wood envisions a base scenario where Bitcoin soars to $600,000 and a bullish scenario reaching an eye-popping $1.5 million by 2030, signaling a transformative shift in the crypto landscape.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f538.png" alt="🔸" class="wp-smiley" style="height: 1em; max-height: 1em;"> CAHTIE WOOD: BASE CASE FOR <a href="https://twitter.com/hashtag/BITCOIN?src=hash&amp;ref_src=twsrc%5Etfw">#BITCOIN</a> IS $600,000 RANGE, BULL CASE IS $1.5M BY 2030</p>— *Walter Bloomberg (@DeItaone) <a href="https://twitter.com/DeItaone/status/1745435638072004705?ref_src=twsrc%5Etfw">January 11, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Also Read: <a href="https://coinpedia.org/news/bitcoin-etfs-opening-day-raises-questions-as-grayscale-dominates-trading-volume/">Grayscale Outflows Dominate: Is the Bitcoin ETF Hype Fading?</a></p> 
<h2 class="wp-block-heading" id="h-factors-driving-bitcoin-s-growth">Factors Driving Bitcoin’s Growth</h2> 
<p>Cathie Wood’s bullish outlook for Bitcoin is rooted in multiple factors. The rising tide of institutional adoption positions <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin</a> not merely as a speculative asset for enthusiasts but as a robust tool for institutional-grade risk diversification. The fixed supply cap of 21 million coins, set against the backdrop of fiat currencies’ increasing supply, positions Bitcoin as a potentially deflationary asset. Technological advancements, a growing network effect, and enhanced accessibility further contribute to Bitcoin’s positive trajectory.</p> 
<p>The options market, featuring a staggering 36,000 Bitcoin options and 262,000 Ethereum options set to expire, mirrors significant activity with a notional value of $1.68 billion. Bitcoin’s steady ascent, consistently supported above the 50-day and 100-day EMAs, signifies a bullish trend. The current market movements hint at a healthy consolidation, suggesting the potential for further upside.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-s-current-outlook">Bitcoin’s Current Outlook </h2> 
<p>Bitcoin’s recent surge, currently priced at $46,154, signals a potential breakout rally in 2024. Influential figures such as Michael Saylor and Cathie Wood are adding their weight to the positive trend. The weekly chart displays a long-wick bullish engulfing candle and a year-long recovery trend, indicating a robust bull run. Despite facing resistance at $46,758, a positive weekly close could propel Bitcoin beyond the coveted $50,000 mark, providing an enticing entry point for traders.</p> 
<p>Also Read: <a href="https://coinpedia.org/news/could-bitcoin-be-on-the-verge-of-a-rally-3-reasons-under-the-spotlight/">Could Bitcoin Be on the Verge of a Rally? 3 Reasons Under the Spotlight</a></p>

Bitcoin Explodes with $3 Billion ETF Debut: $1 Million by 2030?

Table of Contents

CoinPedia News

Other articles published on Jan 12, 2024

Revolutionizing Women’s Health Tracking: Movana Health Unveils Evie Ring at CES 2024

Breaking: Judge Denies Terra & Do Kwon’s Request For Reconsidering Court Ruling

3 coins with easy 500% growth potential: Shiba Inu (SHIB), Retik Finance (RETIK), and Bonk (BONK)

SUI Price Jumped 29%; Is the $1.00 Breakout in Sui Reliable?

1inch DAO Votes to Hire Permanent Legal Counsel for Decentralized Nature Challenges

Get Ahead of the Game: Top Cryptos to Invest in for the Current Bull Run

Join our free newsletter for daily crypto updates!