Bitcoin
Bitcoin Price Soars on $100K Speculations as ETFs Support Crypto’s Recovery
Bitcoin is approaching its March all-time high of over $73,000. (REUTERS/Reuters)
Bitcoin (BTC-USD) rose more than 5% last week to a high of $71,240 (£55,739) in early trading on Thursday following a surge in exchange-traded fund (ETF) inflows.
Other cryptographic tokens ether (ETH-USD) and Solana (SOL-USD) increased by 3% and 4% respectively in the same period, according to Coingecko data.
See more information: What are bitcoin ETNs?
Galaxy Digital CEO and cryptocurrency billionaire Michael Novogratz said Bloomberg TVthat bitcoin could surpass $100,000 by the end of this year if the digital asset’s price surpasses its March all-time high of $73,000 and politicians start looking more favorably at crypto.
“If we withdraw $73,000 in the next week or so, we will end the year at $100,000. Somewhere close or even closer,” Novogratz said Tuesday. The forecast suggests a gain of around 40% from Wednesday’s current price.
Cryptography as an election issue
Novogratz added that he is waiting for two factors to start a new rally for bitcoin. “More regulatory clarity, which I thought was a low probability at that point, and/or the Fed starting to move. We’re getting regulatory clarity, and while it’s not perfect, we have enough that people now realize this is coming,” he added.
He said political sentiment toward the crypto ecosystem in the US is changing due to lobbying efforts and the growing role of crypto in election financing.
“The scale got bigger. That’s why the Democrats woke up. There was about $150 million on the way to $250 million in these crypto Super PACs,” he said.
See more information: How Faster Cryptocurrency Payment Systems Are Influencing Banks
According to a blog post on Monday, US cryptocurrency exchange Coinbase (COIN) recently donated $25 million to Fairshake’s PAC. The lobbying money is aimed at bolstering the campaigns of cryptocurrency-friendly congressional candidates in the upcoming US state primaries. “Fairshake supports candidates committed to ensuring that the United States is home to innovators building the next generation of the Internet,” the Fairshake website states.
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Bitcoin ETFs
U.S. bitcoin spot ETFs recorded a total daily net inflow of more than $488 million on Wednesday. This marked the 17th consecutive day of net inflows for these funds, equaling the longest sequence of positive flows observed at the beginning of the year. Fidelity (FBTC) led the inflows with US$221 million, followed by BlackRock (I BITE) with $155 million, according to SoSoValue data.
See more information: What is a spot bitcoin ETF and why has it triggered a crypto rally?
Ark Invest and 21Shares’ (ARKB) raised $71 million, while bitcoin ETFs managed by VanEck and Invesco reported single-digit net inflows.
The US Securities and Exchange Commission (SEC) approved the first US-listed ETFs to track bitcoin in January. Investors anticipate that these financial products could open the door for conventional capital to flood the crypto market.
See more information: What are bitcoin runic engravings?
Financial interest in digital assets in the US currently appears favorable, with fund managers such as BlackRock (BLACK) and Franklin Templeton (BEN), increasing their bitcoin allocations through ETFs.
VanEck predicts Ether could reach $22,000 by 2030
Asset manager VanEck has set a new price target for Ether (ETH-USD), the native token of the Ethereum network, at $22,000 by 2030. This represents a significant increase from its level of around $3,845 at the time of writing.
The global investment firm wrote in a recent report that Ether could reach the $20,000 mark due to its disruptive power and the cash flow generated for token holders.
See more information: Bitcoin ETFs Poised for US Pension Plan Inflows, Says Standard Chartered Analyst
“Driven by a strong value proposition for entrepreneurs, the Ethereum network will likely continue its rapid growth in market share from traditional financial market participants and, increasingly, big tech. If that happens, maintaining its dominant position among smart contract platforms, we see a credible path to $66 billion in free cash flow for token holders backing a $2.2 trillion asset, or $22,000 per coin, by 2030,” said VanEck. report he said.
See more information: Live Crypto Prices
The SEC approved ether spot exchange-traded funds (ETFs) on May 23. Unlike bitcoin, however, ETFs, which began trading the day after their approval in January this year, ether ETFs may not go live for trading on global exchanges for another few weeks or months.
Watch: What the Debut of Bitcoin ETNs on the London Stock Exchange Means for Europe’s Crypto Market
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