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Bitcoin Surges on Imminent ETF Hopes. BTCETF Token Presale Raises $2.5 Million

Press Releases Crypto News BeInCrypto Bitcoin Surges on Imminent ETF Hopes. BTCETF Token Presale Raises $2.5 Million

The crypto markets have seen renewed optimism in recent days, with Bitcoin (BTC) surging past the $40,000 level once again. Much of this positivity stems from mounting speculation around a Bitcoin exchange-traded fund (ETF) finally gaining regulatory approval in early 2024.

An ETF would allow mainstream investors and institutions easier exposure to BTC, likely translating to substantial inflows and upside price action. Besides the potential impact on Bitcoin itself, there are projects to capitalize on this narrative shift, like the novel BTCETF token.

Bitcoin Pumps on Imminent ETF Hopes?

Bitcoin went as high as $42,371 on Monday before cooling off around $41,500 at the time of writing. The main catalyst seems to be a pivotal regulatory window between Jan. 5-10, 2024, where the SEC may accept Bitcoin ETF applications after years of rejection.

Popular crypto analyst channel Altcoin Daily explained the logic to its 1.4 million followers and compared the situation with spot gold ETF approvals in 2004: “Wall Street listed the first ever spot gold ETF in November 2004, and the price never came back down again. We may never see this Bitcoin price ever again once the BlackRock ETF (and others) is approved.”

They further extrapolated: “90% chance the spot ETFs all get approved Jan. 5th-10th 2024 according to Bloomberg’s expert analysts. Even further: When the price of Gold (or any commodity) goes up and the demand increases, they ALWAYS increase supply. They mine more Gold when there is more demand. With Bitcoin, increasing supply flow is algorithmically impossible. It is set in stone in the most open, transparent way.”

Altcoin Daily explained that the upcoming Bitcoin halving event, where the block reward gets cut in half, will reduce the influx of new BTC by 50% even if demand stays constant. They noted that if demand also increases on top of this restricted new supply, Bitcoin prices could see substantial upside.

Besides speculative retail traders, institutions also seem to be positioning themselves for a post-ETF landscape. Go to Source to See Full Article
Author: BeInCrypto Team

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