Bitcoin price could reach $100,000 without U.S. spot ETF approval.
Date: 2023-09-03 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Alistair Milne, CEO of digital currency fund Altana, said that Bitcoin (BTC) does not need the US to approve an exchange-traded fund with a market value of $100,000 in order for its value to reach $50 million.
X Milne said the spot bitcoin ETF in the US is a distraction. As he says, although the ETF could do well for the industry as a whole, the flagship digital asset would still work fine without it.
Milne said:
“We don't need one to get to $100,000. Because we are happy to have a BTC ETF.”
BTC Spot ETF Affects Price Action
Recently, the price of Bitcoin has experienced significant fluctuations, breaking out of a period of contained movement that lasted several weeks. Such price fluctuations can be explained to a sufficient extent by events related to applications for spot bitcoin ETFs and the US Securities Commission (SEC).
In June, after BlackRock and several traditional banks filed for an ETF, the flagship digital asset overcame a record price surge of more than $30,000 in a year. This rally was primarily due to increased prospects for approval of a spot Bitcoin ETF, with several traders in the market turning to the regulator for approval of all applications.
Subsequently, the BTC price movement closely matched the developments associated with spot ETFs. The digital asset rebounded despite an 11% price drop due to rumors that Tesla was selling its assets. This time, the court sided with Grayscale in his legal battle against the SEC after the US Court of Appeals took into account Grayscale's own opinion regarding the dispute between APA and RICCLE.
However, this upside momentum was short-lived as it soon returned to the $25,000 range due to the SEC's decision to delay a verdict on a long list of BTC ETF applications, citing the need for careful evaluation of the proposed rule changes.
Aside from concerns about market manipulation and other factors, the Commission has yet to approve a spot BTC ETF in the US.
BTC price could reach 100k without ETF decision?
It was previously predicted by leading financial institution Standard Chartered that the top cryptocurrency would reach $100,000 by the end of the year.
The bank thinks that there are a number of factors that could increase the upward trajectory of the asset: problems in the US banking sector and stabilization of risky assets after the end of interest rate hikes by the Federal Reserve of America; increasing profitability in crypto-mining due to the increase in sector profitability.
