Spot Bitcoin EFT To Act As A Catalyst For The Next Bullish Market
Some there are several crypto analyst and digital strategist which are quite optimistic about the influence of the ETF approval and how it’s going to react bullish for the bitcoin market. So the bitcoin evangelist Micheal Saylor made a tweet which initials - “if the Spot bitcoin ETF gets approved, the clearing price of BTC is above $150,000 which is quoted form Tom Lee during he’s CNBC interview.
To state the obvious what is bitcoin ETF all about? The what is bitcoin ETF - A Bitcoin ETF is an exchange-traded fund comprised of bitcoin or assets related to Bitcoin's price. They are traded on a traditional exchange instead of a cryptocurrency exchange. Theoretically, bitcoin is purchased by the company, securitized, and sold or traded on an exchange. However, the Security and Exchange Commission continues to reject these proposals; there is no cryptocurrency ETF directly representing an underlying coin.
With the approval of the bitcoin ETF we will witness traditional retailers coming into the cryptocurrency space, which is double on the institutional adoption so what’s the projection prices if bitcoin ETF is approved well that’s bullish for the system because of the demand and supply.
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