Crypto Blog
Inflows from the new spot Bitcoin exchange-traded funds are the major reason BTC has experienced a significant uptick, surpassing the $50,000 level and exceeding $52,000.by Marc van der Chijs, Bitcoin investor and founder of several crypto firms, including miner Hut 8, ETF issuers are buying more than 10-12x the amount of BTC produced daily, and this is leading to a 2% price increase, which is roughly $1,000, per day.
While Chijs believes the market is uncharted territory, he thinks each trading day will likely see an average increase of $1,000 over the following weeks.The Hut 8 founder further outlined two upcoming events that could substantially raise the daily average increase price over the next three months: the upcoming Bitcoin halving event and the sales of shares of the new ETFs.
After Bitcoin’s next halving in April, miners’ block rewards will be slashed by half, thus decreasing the amount of BTC produced daily. Currently, around 900 BTC are created daily, but only 450 BTC will be mined after the event. Chijs said the slash in production would lead to even higher prices for BTC as ETF issuers scramble to
Due to the risk of new ETFs failing too soon, most financial advisors usually allow the sale of shares after 90 days of trading. Since the products were launched in January, Chijs expects demand to pick up more by early May, positively impacting BTC’s price. “This means that unless there is a black swan event we will see a new all time high before the halving and we could possibly hit $100K in the next 2-3 months already,” Chijs stated.What is Farcaster? Everything You Need to KnowOne Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin ETFs ArchivesBitcoin ETF Data and Charts for Spot and Futures ETFs provided by The Block.
Read more »
Franklin Templeton and BlackRock Discuss Bitcoin ETF ApprovalSandy Kaul and Robert Mitchnick discuss the journey to spot bitcoin ETF approval in the U.S. and what's next for Franklin Templeton and BlackRock.
Read more »
Bitcoin Tops $47K as Spot Bitcoin ETFs Book One of Their Best DaysKrisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
Read more »
GoMining Introduces Liquid Bitcoin Hashrate to Lower Entry Barrier for Bitcoin MiningGoMining has introduced Liquid Bitcoin Hashrate (LBH) to make bitcoin mining more accessible by allowing holders to own a share of computing power that mines BTC daily, bypassing the complexities of building and maintaining a mining farm.
Read more »
SEC pushes back timeline for decision on the Invesco Galaxy Ethereum ETFThe SEC pushed back its timeline for making a decision on whether to approve or disapprove the Invesco Galaxy Ethereum ETF.
Read more »
Franklin Templeton takes initial step for spot Ethereum ETF with new SEC filingInvestment firm Franklin Templeton threw in its hat for a spot Ethereum ETF, joining others in their bid for potential approval from the SEC.
Read more »