Big DealCrypto Braces for $30 Trillion Earthquake After Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Litecoin, Solana, Tron, and Polygon Price Surge

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Update 7/14 below. This article was originally published on July 13

BitcoinBTC, ethereum and other major cryptocurrencies BNBBNB, XRPXRP, cardano, dogecoin, tron, polygon and solana rallied this year after 2022 price crash (Binance CEO revealing when he thinks the bull run will return) .

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The price of bitcoin surged above $30,000 per bitcoin, double its price at the end of 2022, with two shock crypto reversals helping the crypto market rebound as the world’s largest asset manager, BlackRock, pulled the trigger on a historic race.

Now, after Elon Musk surprised traders with a bullish crypto prediction, bitcoin and crypto are primed for $30 trillion in market capital if any of the recent exchange-traded fund (ETF) filings bitcoin in the United States is approved by the United States Securities and Exchange Commission (SEC).

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MORE FROM FORBELon Musk Endorses Huge 2030 Crypto ‘Prediction’ That Could Trigger Bitcoin & Ethereum Price SurgeBy Billy Bambrough Raising Ethereum, BNB, XRP, Cardano, Dogecoin Price , polygon, litecoin, tron ​​and solana.Getty Images

“The big problem is that the ETF is the platform or vehicle that so many financial advisors prefer,” Bloomberg Intelligence ETF analyst Eric Balchunas told Cointelegraph.

“This is important because financial advisors manage approximately $30 trillion in assets. [and] that would open up all that money. Even 1% or 2% of $30 trillion is a lot of money…it’s a bridge to all that wealth.”

Update 7/14: The crypto market has exploded, adding an estimated $60 billion, after XRP developer Ripple scores victory in its lengthy legal battle with the SEC. A US judge has ruled that the sale of XRP on crypto exchanges does not constitute the sale of investment contracts as alleged by the regulator. However, Ripple’s direct sale of $700 million worth of XRP to institutions, hedge funds, and other parties violated securities laws.

Following the highly anticipated decision, the price of XRP nearly doubled, overtaking Binance’s BNB to become the fourth-largest cryptocurrency by market capitalization. The bitcoin and crypto world applauded the decision, taking it as a blow to the SEC’s claim to authority over cryptocurrencies.

Last month, BlackRock sent shockwaves through the crypto world with a filing for a U.S. spot bitcoin ETF, a move that has been closely watched by other financial heavyweights who expect until BlackRock fights its way through the regulatory minefield.

Fidelity, JPMorgan, Morgan StanleyMS, Goldman Sachs, BNY Mellon, InvescoIVZ and Bank of AmericaBAC are among the Wall Street giants that rushed to get their own ETF demands after the announcement of BlackRock’s filing.

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MORE FROM FORBESShock Flip Reveals ‘Unprecedented’ $9 Trillion ‘Breakthrough’ Could Be About To Hit The Price Of Bitcoin And Top Cryptos Ethereum, BNB And XRPBar Billy Bambrough Pushing The Combined Value Of The Biggest Crypto- world currencies including ethereum, BNB, XRP, cardano, dogecoin, polygon, litecoin, tron ​​and solanato over $1 trillion.Forbes Digital Assets

Earlier this week, former SEC Chairman Jay Clayton said regulators would be “hard to resist” approving a spot ETF. “Whether [the applicants] are right that the spot market has similar efficiency to the futures market, it would be hard to resist approving a bitcoin ETF, Clayton told CNBC in comments that were applauded by traders. of bitcoins.

“This indicates that acceptance of bitcoin into the mainstream financial system is becoming inevitable,” Thomas Kralow, a crypto hedge fund manager, said in email comments. “With trillions of dollars waiting to be used and institutional investors entering the crypto space, the potential for growth is substantial.”

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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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