Bitcoin ETF: The Revolutionary Move That Could Skyrocket Crypto to All-Time Highs

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Some elements of this story have already been reported by Benzinga, and it has been updated.

The world’s largest digital currency, Bitcoin (CRYPTO:BTC), broke through the $31,000 cap on Friday, ending the week with gains of around 19% and hitting a 52-week high amid interest. increased for the crypto industry from traditional financial firms.

The crypto is trading at $30,585 on Sunday afternoon, at the time of writing, up 15.2% over the past seven days.

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Meanwhile, Ether (CRYPTO: ETH) was trading at $1,890, up 9% over the past seven days.

Other major cryptocurrencies like Cardano (CRYPTO:ADA) and Dogecoin (CRYPTO:DOGE) traded 3%, 7%, 10.1% and 6.6% higher on the week, while others like Binance Coin (CRYPTO: BNB), Ripple (CRYPTO: XRP) fell on Sunday to trade down 3% and 0.5% respectively.

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The renewed optimism in the crypto market apparently stems from investor confidence in digital currencies, with prominent asset management firms filing applications for Bitcoin ETFs, despite fierce opposition from the Securities and Exchange Commission. Exchange Commission to cryptos.

WisdomTree, a leading ETF provider, has submitted an application to launch the WisdomTree Bitcoin Trust. Additionally, BlackRock, the world’s largest asset manager, has sought regulatory approval for a Bitcoin ETF.

These ETFs are expected to streamline investments in Bitcoin, attracting a wider range of institutional investors.

“A corner has been turned”: Bob Ras, co-founder of Sologenic, a blockchain network for securities tokenization, told Benzinga that this is no longer a time of doom in the industry, not least because large institutions like BlackRock clearly want serious exposure to the industry more than ever.

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“What we’re experiencing right now isn’t all that different from 2019, after the crash of previous years, with the industry recovering, building, and then preparing for the next bull cycle,” Ras said.

“When will this bull cycle happen? It’s anyone’s guess, but I suspect the upcoming Bitcoin halving will be a catalyst. The halving is likely to happen around April next year. What either way, a turn has been made and we have now moved from experiencing extreme lows to building the foundations for the next up cycle.”

Ruslan Lienkha, head of markets at YouHodler, said the main reason for such optimism is the broad interest in crypto from the largest financial institutions in the United States.

“It looks like the crypto market is going to be completely revamped in the country by the biggest investment companies in the near future. More investors will have access to crypto investments with much lower risks. [It’s] Importantly, a very small percentage of BlackRock or Fidelity customers interested in spot BTC ETFs is enough to move the price further north,” he said.

Read next: Banning Crypto Is Not the Answer: International Monetary Fund Calls for Effective Regulation

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Photo via Shutterstock.

2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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