Bitcoin BTC has seen a return to its 2021 boom years in recent weeks (although the huge jump in Bitcoin prices prompted serious warnings of “massive collateral damage”).
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Bitcoin prices are currently knocking on the door to an all-time high of $69,000 per Bitcoin, pushing Ethereum, XRPXRP, and the broader crypto market to more than $2.3 trillion. It has been facilitated by the arrival of spot Bitcoin exchange-traded funds (ETFs) on Wall Street. And the roar of a $13.6 trillion earthquake.
Bitcoin asset manager Bitwise's chief investment officer says he's looking forward to the coming months as Tesla billionaire Elon Musk and legendary investor Warren Buffett find surprising common ground on “true currency.” He predicted that another “big wave” would hit the Bitcoin and crypto markets within the next few days. .
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“I think we'll see an even bigger wave in the coming months as the major carriers go live,” said Matt Hogan, Bitwise's chief investment officer. Said CNBCadded that so far interest in Spot Bitcoin ETFs has come from retailers, hedge funds, and independent financial advisors.
A record $520 million in one-day inflows into the BlackRockspot Bitcoin ETF this week, according to . bloomberg data. BlackRock’s IBIT, the largest new spot Bitcoin ETF, has amassed more than $9 billion in assets under management in the month since its debut, while Fidelity’s FBTC has attracted $6 billion, according to data from BitMex Research.
“This is Bitcoin's IPO moment, Bitcoin is in a new era of price discovery, and I think the price of Bitcoin could move significantly higher from here,” Hogan said. He referred to the stock market's initial public offering (IPO), which allows floating shares to be issued. .
Last week, Omaha-based registered investment advisor (RIA) platform Carson Group approved four of its 10 new spot Bitcoin ETFs, including BlackRock BLKBLK, Fidelity, Bitwise, and Franklin spot Bitcoin ETFs. It was reported that the company has greenlit a Bitcoin ETF into a $30 billion platform.by bloomberg.
Bitwise CEO Hunter Horsley said Bitcoin is now available on the RIA platform, which manages $114.1 trillion in assets, according to the Investment Advisers Association's 2023 Snapshot. said it could be a “huge catalyst” for fund growth.
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“Bitcoin has entered a new era, and this week’s rapid rally marks the clear beginning of a new bull market,” Alex Adelman, CEO of Bitcoin rewards app Loli, said in emailed comments. It shows,” he said.
“If Bitcoin reaches a new all-time high, we will see even more interest in Bitcoin from retail investors, especially those who have invested in Bitcoin over the past few years, whose holdings have increased by over 400%. Because it’s possible.”
Meanwhile, all eyes are on the impending April cut in Bitcoin supply, known as the halving, which will reduce the number of new Bitcoins that will be rewarded to the so-called miners that maintain the Bitcoin network.
Adelman said, “Bitcoin's scarcity will further increase with the upcoming Bitcoin halving.” “Bitcoin’s increasing scarcity, coupled with continued institutional adoption, makes it very likely that Bitcoin will reach new and unprecedented price milestones.”
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