Open the floodgatesCrypto suddenly braced for volatility amid $100 billion Bitcoin and Ethereum price surge

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Update 06/26 below. This article was originally published on June 23

BitcoinBTC and Ethereum, the two biggest cryptocurrencies, soared this week after BlackRock’s BLK bitcoin bomb (and partly because of a surprise move from China).

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The price of bitcoin surged above $30,000 per bitcoin, matching the level reached in March before a US-led crypto crackdown, and boosted the combined bitcoin, ethereum and cryptocurrency market. about $100 billion in just one week.

Now, as BlackRock’s exchange-traded fund (ETF) offering triggers a flood of deposits, the billionaire co-founder of New York-based crypto exchange Gemini, Cameron Winklevoss, has warned the “window” to buy gold. bitcoin before the ETF “floodgates” opened. “quick closing.”

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MORE FROM FORBESA Secret ‘Alliance To Destroy Crypto’ By ‘Usurping Congress’-Key Elon Musk Ally Fans Wild Rumor That’s Played Havoc With The Price of Bitcoin And EthereumBy Billy Bambrough in recent weeks, collapsing before climbing higher, driving the ethereum price with him. SOPA Images/LightRocket via Getty Images

“The great bitcoin buildup has begun,” tweeted Cameron Winklevoss, who along with his brother Tyler turned to bitcoin and crypto after settling their dispute with Facebook CEO Mark Zuckerberg in topic of creating social media company.

“Anyone watching the flurry of ETF filings understands that the window to buy pre-IPO bitcoin before ETFs go live and open the floodgates is rapidly closing,” he wrote, suggesting that the arrival of institutional investors will resemble an initial public offering (IPO) of bitcoin.

Update 6/26: The US SEC approved the first leveraged bitcoin futures ETF late last week, with the launch of the Volatility Shares 2x Bitcoin Strategy (BITX) ETF on the Chicago Board Options BZX Exchange tomorrow, Tuesday, June 27.

“It’s exciting to see digital assets in ETF packaging,” Stuart Barton, chief investment officer of Volatility Shares, told Coindesk, fueling expectations that regulators could go through the legacy ETF app. by BlackRock.

“I think this could be a breadcrumb trail that the SEC could take a more lenient stance toward bitcoin compared to the very adversarial stance they’ve had over the past few years,” analyst James Seyffart said. from Bloomberg Intelligence ETF, to Bloomberg.

Wall Street giants InvescoIVZ, Wisdom Tree and Valkyrie have followed BlackRock with their own applications for bitcoin spot ETFs with the US Securities Exchange Commission (SEC). BlackRock, the world’s largest asset manager with approximately $10 trillion in assets under management, offers hundreds of ETFs globally.

“While crypto still needs macroeconomic tailwinds and institutional inflows into bitcoin, this is an encouraging development that reminds investors that crypto is here to stay,” wrote Markus Thielen, Head of Bitcoin. research and strategy at Matrixport, in an emailed note.

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MORE FROM FORBES ‘It Could Happen Very Quickly’ – Crypto Bulls Release Huge ’10x’ Price Prediction Amid Wild Bitcoin and Ethereum SwingsBy Billy Bambrough Following a Devastating Price Crash Last Year, helping the price of Ethereum to climb with it. Forbes Digital Assets

The SEC has previously rejected all spot bitcoin ETF applications, but some see BlackRock’s attempt as a potential game changer.

“We can imagine this BlackRock iShares ‘commodity’ bitcoin ETF will attract an allocation of around $20-50 billion over time, as ETFs that focus solely on gold hold around $100 billion,” said writes Thielen.

“This announcement from BlackRock has a high probability of being cleared by the SEC and will drive continued institutional investor adoption for bitcoin.”

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I am a journalist with significant experience covering technology, finance, economics and business worldwide. As founding editor of Verdict.co.uk, I reported on how technology is changing business, political trends and the latest cultures and lifestyles. I have covered the rise of bitcoin and cryptocurrency since 2012 and traced its emergence as a niche technology in the greatest threat to the established financial system the world has ever seen and new technology the more important since the Internet itself. I’ve worked and written for CityAM, the Financial Times, and the New Statesman, among others. Follow me on Twitter @billybambrough or email me at billyATbillybambrough.com. Disclosure: I occasionally hold a small amount of bitcoin and other cryptocurrencies.

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