Bitcoin BTC suddenly soared, topping $50,000 per Bitcoin for the first time since late 2021, bringing the combined value of the nearly 20 million Bitcoins in circulation to $1 trillion (according to the Federal Reserve). Another major “bailout” is on the horizon).
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Bitcoin prices, which have made a miraculous recovery from the 2022 price crash, have weathered Wall Street's exchange-traded fund (ETF) push into Bitcoin, with BlackRock, Fidelity and others offering huge amounts of Bitcoin with impending supply. I'm buying up coins. shock.
Bitcoin is now 'fomo' as Russian President Vladimir Putin stokes new fears over the US dollar's $34 trillion problem [fear of missing out] It is expected to have an impact on Wall Street soon.
Bitcoin's historic halving, which is expected to cause turmoil in cryptocurrency prices, is just around the corner. Sign up for free now crypto codex—Stay ahead of the market with our daily newsletter for traders, investors, and anyone interested in cryptocurrencies.
“Wall Street doesn’t just like Bitcoin, it loves Bitcoin,” says a Bitcoin and crypto investor who writes Substack’s popular investment advice newsletter, “The Pump Letter.” Anthony Pompliano said. CNBC In a video titled “Bitcoin Fomo Hits Wall Street.”
Pompliano pointed to BlackRock and Fidelity, which manage two of the largest groups of newly approved U.S. spot Bitcoin ETFs, each buying more than $3 billion in Bitcoin in the first few weeks of trading. he pointed out. Combined, the new Bitcoin ETFs have accumulated just over 200,000 Bitcoins, worth about $10 billion, according to K33 Research.
“Bitcoin’s winning streak since the start of the year shows that increasing mainstream demand, especially from Bitcoin ETFs, will continue to provide strong upward price momentum,” said Alex Adelman, CEO of Bitcoin rewards app Lolli. he said in an emailed comment.
“The world’s largest financial companies are currently actively buying Bitcoin to cover record inflows into Bitcoin ETFs, providing another sustained tailwind for Bitcoin.Bitcoin ETFs have achieved historic success in just one month of trading. As more major financial institutions launch Bitcoin ETFs, and the rising prices of other Bitcoin-based financial products, mainstream investors will see more direct investment in Bitcoin by investors.”
Other analysts also predict that institutional investment from Wall Street will push Bitcoin prices higher this year.
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Analysts at brokerages Bernstein, Gautam Chughani and Mahika Sapura said: “The institutional narrative led by Bitcoin ETFs is driving demand, and as Bitcoin is a reflexive asset, the price rise will be “We expect this to lead to increased inflows, leading to new highs in 2024.”In a memo to clients seen by coin desk.
“Consistent ETF net inflows imply a bullish trend across the market, and reflexivity should ensure a feedback loop of higher prices and higher inflows.”
Meanwhile, Bitcoin and crypto watchers are keeping an eye on Bitcoin's next supply cut, known as the halving. This will cut in half the number of new Bitcoins issued to so-called miners, who secure the network in exchange for newly minted Bitcoins, in 2019. April.
“There will only be 21 million Bitcoins in existence. The fixed supply of Bitcoin means the price will continue to rise as demand surges,” Adelman added.
“This year promises further growth for Bitcoin. Bitcoin is undergoing its next halving, which will result in historically significant price increases. This suggests that the stock market is on track for a new all-time high in 2020.
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