Fun

News Feed - 2023-09-06 09:09:40

Tom Mitchelhill8 hours agoCrypto market ‘dramatically underestimates’ bullishness of spot Bitcoin ETFs“It’s reckless not to aggressively accumulate BTC at current levels,” K33 senior analyst Velte Lund says in a new report.6285 Total views64 Total sharesListen to article 0:00NewsJoin us on social networksThe potential of a spot Bitcoin (BTC) exchange-traded fund (ETF) approval to drive prices up is dramatically underestimated by the crypto market, claim analysts from crypto research firm K33 — formerly Arcane Research. 


In a Sept. 5 market report, K33 senior analyst Vetle Lunde and vice president Anders Helseth said the last three months had greatly improved the chances of a spot Bitcoin ETF approval but that sentiment had not been reflected in the price of Bitcoin or other mainstay crypto assets.


The analysts explained while Bitcoin had all but given up its gains in the wake of Grayscale’s legal victory overthe Securities and Exchange Commission, an approval would “attract enormous inflows” and significantly increase buying pressure for Bitcoin.Bitcoin returned its gains in the wake of Grayscale"s victory. Source: K33 Research


However, the downside of a potential spot ETF rejection would be “negligible” and Bitcoin prices would simply maintain business as usual, they wrote.


Lunde and Helseth added that given the increased likelihood of spot ETF approvals — with several Bloomberg analysts now predicting a 75% chance of approval within the year — the market"s outlook on ETFs is fundamentally incorrect.“I firmly believe the market is wrong. This is, by all accounts, a buyer’s market, and it’s reckless not to aggressively accumulate BTC at current levels.”


Bolstering their bullish prediction, the analysts looked to the recent 2% gain in the tech-heavy Nasdaq-100 index, often viewed as an indicator of the broader market"s risk appetite.ETH set to outperform BTC


Additionally, Lunde and Helserth shared their optimism for the price of Ether (ETH), explaining that ETH appears likely to outperform Bitcoin over the next two months as it will benefit from strong momentum ahead of a futures-based ETF listing.


Related:BTC bull market began in March, more will realize in a year — Arthur Hayes


They explained Ether may track a similar path to Bitcoin which gained roughly 60% in the weeks leading up to the launch of the first Bitcoin futures-based ETF on Oct. 19, 2021.


The verdict on a futures-based Ether ETF is slated to be handed down in mid-October, which is reportedly set to get the green light from the SEC.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in# Bitcoin# Cryptocurrencies# SEC# ETF# AdoptionAdd reactionAdd reactionRead moreWhat is profit and loss (PnL) and how to calculate itMaking real-world blockchain solutions possible — Solana co-founder Raj GokalHow to handle crypto trading gains and losses on your balance sheet

News Feed

Alliance Bernstein Tells Clients Bitcoin Has a Role in Asset Allocation
Alliance Bernstein Tells Clients Bitcoin Has a Role in Asset Allocation Alliance Bernstein has told its clients that bitcoin has a role in investment portfolios.
Tom Blackstone3 hours agoPond0X token launch snafu leads to millions of dollars in lossesInvestors reported they lost up to $2.2 million when the developer of Pond0x allegedly mishandled the token’s launch.1001 Total v
Report: Financial Services Giant Old Mutual Appointed Manager of South African Stablecoin Project’s Cash Reserves
Report: Financial Services Giant Old Mutual Appointed Manager of South African Stablecoin Project"s Cash Reserves One of South Africa’s largest financial services groups, Ol
Ana Paula Pereira3 hours agoBrazil rolls out blockchain-based digital IDBrazil is launching its new national identity program powered by blockchain technology. Rio de Janeiro, Goiás, and Paraná will be the first states
New Jersey’s Order Against Blockfi Extended, Vermont Issues Notice to Crypto Lender
New Jersey’s Order Against Blockfi Extended, Vermont Issues Notice to Crypto Lender On July 28, Zac Prince, the CEO of crypto finance firm Blockfi, explained t
FOREO’s Flagship Products Launch as NFTs Before Conventional Release, Paving the Way for Skincare Innovation
FOREO"s Flagship Products Launch as NFTs Before Conventional Release, Paving the Way for Skincare Innovation press release PRESS RELEASE. Stockholm, September 22nd: As the world mov
Gareth Jenkinson10 hours agoVanEck Ethereum Strategy ETF set for CBOE listingFollowing the U.S. SEC’s approval of spot Ether exchange-traded funds, VanEck has launched its Ethereum Strategy ETF.11319 Total views21 Tota
US Federal Trade Commission Investigates Marketing Schemes of Crypto Firm Voyager
US Federal Trade Commission Investigates Marketing Schemes of Crypto Firm Voyager According to a court document filed recently in the Voyager Digital bankruptcy case, the U.S. Fede
Ciaran Lyons2 hours agoBitcoin bought by corporate giants should not be feared — Michael SaylorDuring a recent podcast interview, Michael Saylor explained that Bitcoin being bought and custodied by corporations should
India Seizes Bitcoins Worth $1.2 Million From Hacker of Government Website and Crypto Exchanges
India Seizes Bitcoins Worth $1.2 Million From Hacker of Government Website and Crypto Exchanges Indian police have seized $1.2 million in bitcoin from a hacker w
Argentine Peso Plunges to a 5 Month Low Amid Legal and Political Woes
Argentine Peso Plunges to a 5 Month Low Amid Legal and Political Woes The Argentine Peso has experienced a sudden fall vs the U.S. dollar, falling to a 5-month low in its blue rate
Changpeng Zhao teases writing project ahead of reporting to prison
Turner Wright1 hour agoChangpeng Zhao teases writing project ahead of reporting to prisonOn April 30, a judge sentenced the former Binance CEO to four months in federal prison but did not set a reporting date at his hear