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“Elon Musk, the TeslaTSLA billionaire and owner of X, has played havoc with the price of bitcoin and other cryptocurrencies in recent years—recently confirming wild rumors of a plot to replace PayPalPYPL.
Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and "uncover blockchain blockbusters poised for 1,000% plus gains" ahead of next year's historical bitcoin halving!
The bitcoin price, after surging into the new year on the back of a BlackRock-led Wall Street crypto invasion, has stalled, with fears swirling the Federal Reserve could be about to trigger a crypto crash.
Now, after Elon Musk revealed his personal crypto holdings, his social media platform X has quietly received another money-transmitter license, adding to a clutch that of state approvals as it looks to "revolutionize" payments in 2024”.
“Bitcoin's price could breach $170,000 next year, driven by demand for newly listed exchange traded-funds and April's halving event, hedge fund SkyBridge's Anthony Scaramucci said in an interview on Monday.
"If bitcoin's at $45,000 on the halving, where it roughly is right now, it'll be $170,000 by mid- to late 2025," the SkyBridge founder and managing partner told the Reuters Global Markets Forum in the Swiss ski resort of Davos.
The halving is a technical event that reduces the rate at which new bitcoin are released into circulation.
"Wherever the price is on the day of the halving in April, multiply it by four, and it'll reach that price in the next 18 months," Scaramucci said ahead of the World Economic Forum's annual meeting”.
“Bitcoin price outlook: Bulls target $100K after SEC approves spot ETFs
Six-figure price targets
Standard Chartered is one high-profile firm that's particularly bullish on bitcoin. Earlier this month, strategists at the bank predicted that spot ETFs could drive between $50 billion and $100 billion worth of inflows for the token this year – and set a $200,000 price target for the end of 2025.
Meanwhile, Fundstrat's Lee said in a CNBC interview the day
Six-figure price targets
Standard Chartered is one high-profile firm that's particularly bullish on bitcoin. Earlier this month, strategists at the bank predicted that spot ETFs could drive between $50 billion and $100 billion worth of inflows for the token this year – and set a $200,000 price target for the end of 2025.
Meanwhile, Fundstrat's Lee said in a CNBC interview the day the SEC announced its decision that he's expecting the token to climb to between $100,000 and $150,000 over the next 12 months – and to soar to $500,000 over the next five years”.( business insider- yesterday)
Let’s hope it comes true!
2nd part
Spot bitcoin ETFs concluded a massive first day in trading volume, recording $4.6 billion daily volume combined with Grayscale's GBTC and BlackRock's IBIT leading, according to data posted on X by Bloomberg Intelligence analyst James Seyffart.
Bitwise, Fidelity, BlackRock See Biggest Bitcoin ETF Inflow in Preliminary Tally
Data about inflows is still incomplete and market watchers might have to wait until Friday evening for the full picture, Bloomberg analyst Eric Balchunas pointed out.
Having had a glance at the end of closing and after closing trades, one would want to believe that THE BIG FISH IS TRYING TO EAT THE SMALL FISH HERE.
I am going to hold my breath and wait until it settles down, need a ❤️ of stone and not panic. I have doubled up my holdings today and will try not to panic sell.GLA with this mad mad stock.
1.15 billion already traded, the placing should be out of the way by next Wednesday at this rate or before. Provided me with opps to come back again at below the placement price- play your cards right , you can still make money out of this dog!
1- the placement was at 20.05 p , it did very well today
2.Closing last two trades over 100 k at 21 p + so institutions are keen to get in
It was predicted this morning that bit will hit 48k + but will go down
3- this is how ARB works , not for fainted hearts, get used to it or wait patiently.
Finally bitcoin outlook is fairly good so you might get your money back but not in five days
I haven’t sold any but doubled
It’s your money, do what is good for you. Keep up to date with news and don’t believe anyone, do your own research
Out now , not bothered, happy to see which way it goes👀💰😇😊
“This will mean well see an active bitcoin trading environment that will likely be price positive for crypto and digital assets more broadly.”
The SEC’s decision to approve 11 applications for bitcoin ETFs, including those from BlackRock, Fidelity and VanEck, will give investors exposure to the world’s most valuable cryptocurrency without them directly holding it.
Crypto market analysts have predicted that the approval could trigger a record-breaking rally that could eclipse the 2021 all-time high for bitcoin of $68,000.
A recent report from the multi-national bank Standard Chartered estimated that the move could bring in between $50 billion to $100 billion from institutional investors this year.
“If ETF-related inflows materialise as we expect, we think an end-2025 level closer to $200,000 is possible,” Geoff Kendrick, head of FX Research at Standard Chartered bank, wrote in a research note this week.
“This assumes that between 437,000 and 1.32 million new bitcoins will be held in spot US ETFs by end-2024. In USD terms, this should be roughly $50-100 billion
The only way for ARB IS Up 💰
Approval And Timing
The potential U.S. approval of spot bitcoin ETF could be imminent. Nate Geraci, President at The ETF Store, indicated that the U.S. Securities and Exchange Commission might soon approve these ETFs, with minor amendments requested and a potential Commissioner vote.
Impact On Bitcoin Price
The introduction of a bitcoin spot ETF is expected to significantly impact bitcoin's price due to increased accessibility and liquidity. This increased demand, coupled with bitcoin's finite supply, will likely drive prices up. A spot ETF would enable investors to gain exposure to bitcoin's price movements through an approved investment vehicle, appealing to a broader range of investors.
Some forecasts suggest a more moderate impact on bitcoin's price. A range of predictions fluctuate between $42,000 and $100,000 following approval.
On the bullish side, experts like Samson Mow, CEO at JAN3, predict bitcoin could reach $160,000 or even $1,000,000. Anthony Scaramucci also expects a big increase, predicting bitcoin could hit $330,000
Roger65
I agree with you as I read the news earlier in Apple News this morning that some big fish wants to buy in bitcoin for personal benefit ,can’t mention the name. So it’s the big fish frying the small fish again. I’m holding as CNBC had predicted a good year for BTC, need to take it with a pinch of salt!