Bitcoin Holds Steady Amid Market Volatility and ETF Approval Anticipation By Investing.com
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© Reuters.
‘s price remained stable at $28,300 on Wednesday, despite a 1% dip in both the and Nasdaq as U.S. Treasury bond yields surged to levels not seen since the summer of 2007. Other cryptocurrencies such as , Polygon, and also experienced declines, according to the CoinDesk Market Index.
The U.S. 30-year Treasury bond yield rose nine basis points to 5.02%, while the 10-year Treasury note yield increased by seven basis points to 4.905%. This rise in interest rates has led to a decrease in stock market indices, marking a notable shift in the financial landscape.
In contrast to the broader market trend, Bitcoin’s stability is drawing attention as expectations for a spot Bitcoin ETF approval are high within the crypto market. This comes despite a misleading tweet about BlackRock (NYSE:)’s application receiving approval. The general market consensus suggests an imminent approval is likely.
Notable industry figures have also weighed in on the matter. Galaxy Digital CEO Mike Novogratz, in partnership with Invesco, anticipates their spot bitcoin ETF application will receive approval in 2023. Similarly, ARK Invest CEO Cathie Wood has reported positive feedback from the SEC regarding their proposal.
SEC Chair Gary Gensler has confirmed that evaluations of multiple Exchange Traded Products (ETPs) are underway but has not provided further details on these proceedings.
The potential impact of an expected ETF approval on Bitcoin’s price is being closely monitored. Despite doubling in price this year, Bitcoin is still significantly below its all-time high from two years ago. CryptoQuant predicts that if spot ETFs are approved, they could result in a $155 million inflow into Bitcoin, potentially tripling its current price.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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© Reuters.
‘s price remained stable at $28,300 on Wednesday, despite a 1% dip in both the and Nasdaq as U.S. Treasury bond yields surged to levels not seen since the summer of 2007. Other cryptocurrencies such as , Polygon, and also experienced declines, according to the CoinDesk Market Index.
The U.S. 30-year Treasury bond yield rose nine basis points to 5.02%, while the 10-year Treasury note yield increased by seven basis points to 4.905%. This rise in interest rates has led to a decrease in stock market indices, marking a notable shift in the financial landscape.
In contrast to the broader market trend, Bitcoin’s stability is drawing attention as expectations for a spot Bitcoin ETF approval are high within the crypto market. This comes despite a misleading tweet about BlackRock (NYSE:)’s application receiving approval. The general market consensus suggests an imminent approval is likely.
Notable industry figures have also weighed in on the matter. Galaxy Digital CEO Mike Novogratz, in partnership with Invesco, anticipates their spot bitcoin ETF application will receive approval in 2023. Similarly, ARK Invest CEO Cathie Wood has reported positive feedback from the SEC regarding their proposal.
SEC Chair Gary Gensler has confirmed that evaluations of multiple Exchange Traded Products (ETPs) are underway but has not provided further details on these proceedings.
The potential impact of an expected ETF approval on Bitcoin’s price is being closely monitored. Despite doubling in price this year, Bitcoin is still significantly below its all-time high from two years ago. CryptoQuant predicts that if spot ETFs are approved, they could result in a $155 million inflow into Bitcoin, potentially tripling its current price.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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