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The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/bitcoin-spot-etf-approval-could-kickstart-a-bull-run-bernstein/">Bitcoin Spot ETF Approval Could Kickstart A Bull Run: Bernstein</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Investors around the world are eagerly awaiting the United States Securities and Exchange Commission’s (SEC) upcoming decision on whether to approve a Bitcoin spot exchange-traded fund (ETF). The decision will set a landmark for cryptocurrencies. The SEC could either take more time to decide or outright reject the ETF applications. While rejection is a possibility, many investors are betting on a delay. 
Notably, prominent figures like Cathie Wood of ARK Innovation and BlackRock have shown interest by filing for a Bitcoin ETF. However, the SEC has already <a href="https://www.sec.gov/files/rules/sro/cboebzx/2023/34-98112.pdf" rel="noopener noreferrer nofollow">postponed</a> Cathie Wood’s Ark 21Shares Bitcoin ETF application by several weeks. Now the question arises: If these ETFs are approved, could they benefit the world of cryptocurrencies? Let’s dive deeper into the details. 
<h2 id="bernsteins-outlook-let-fresh-money-enter-the-system" data-name="bernsteins-outlook-let-fresh-money-enter-the-system" class="wp-block-heading">Bernstein’s Outlook: Let Fresh Money Enter the System!</h2> 
A recent report from brokerage firm Bernstein suggests that the approval of Bitcoin exchange-traded funds (ETFs) might usher in a new phase of growth for the cryptocurrency market. According to the report, these ETFs could drive demand in the cryptocurrency market and signal regulatory acceptance, attracting both retail and institutional investors. 
Key global asset managers are keen on Bitcoin spot ETFs and are working on strategies to address concerns raised by the SEC. This increased interest has raised the likelihood of approval, as per analysts led by Gautam Chhugani. 
Bernstein predicts the emergence of a robust market for spot Bitcoin ETFs, potentially making up 10% of Bitcoin’s total market capitalization within two to three years. 
Hence a strong potential source of new capital that could drive a fresh cycle of growth in the crypto market. These include the introduction of a new stablecoin supply, tokenization of traditional assets, growth in native crypto infrastructure tokenization, and the expansion of ETFs. For instance, PayPal Launched its coins, likewise, amazon pay, Google Pay, Stripe, and Apple Pay can also enter the arena and intensify the crypto space with new coins and new money into the system.&nbsp; 
It is worth noting that, the on-chain assets have remained within a $40 billion range this year, while stablecoins’ circulation has reached about $120 billion. This hints at the potential injection of these assets into the cryptocurrency ecosystem. Do we see any change in Bitcoin price with the latest development?&nbsp; 
<h2 id="bitcoin-price-unaffected-by-development" data-name="bitcoin-price-unaffected-by-development" class="wp-block-heading">Bitcoin Price Unaffected by Development</h2> 
As for the impact on Bitcoin’s price, it appears to be relatively stable. The price has been hovering around the $30,000 level for almost two months now. With a new week beginning, Bitcoin might make a move toward $30,340. If Bitcoin consolidates around the $30,500 mark, it could be a suitable opportunity for those betting on a price drop. If this scenario breaks, consolidated price targets will be $28,138, $27,330, and $26,767.&nbsp; 
Overall, Bernstein remains hopeful about Bitcoin ETFs, even if the SEC has delayed its evaluation of Bitcoin ETF filings from large firms like BlackRock and Fidelity Investments. The firm anticipates that these ETFs will benefit from strong branding efforts by major asset managers and wider distribution through retail brokers and financial advisors.

Bitcoin Spot ETF Approval Could Kickstart A Bull Run: Bernstein

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