In an eventful turn of events, Bitcoin rose above $28,000 again on Monday, as investors factored the possible SEC approval of several pending applications for Spot Bitcoin ETFs into their price calculations. This exciting rally has inspired bullish predictions about the pioneering cryptocurrency, suggesting it could reach a market capitalization of $15 trillion. Meanwhile, BlackRock views the cryptorally as a "flight to quality" in a world full of uncertainties. Let's take a closer look at the details.
Table of contents
- 1 Bitcoin Spot ETF rumors approved by SEC but ultimately declared unfounded
- 2 Confusing turn in Bitcoin value
- 3 Important Updates
- 4 Anthony Scaramucci says Bitcoin will 'easily' reach $15 trillion market capitalization
- 5 Other Developments in the Cryptomarket
- 6 BlackRock CEO calls cryptorally a 'flight to quality,' not based on rumors
Bitcoin Spot ETF rumors approved by SEC, but ultimately declared unfounded
According to sources, the SEC approved BlackRock's application for a Bitcoin spot ETF. The enthusiasm was short-lived, however, as it was later claimed that this information was false. The source subsequently added "AS REPORTED" to the post and eventually deleted it.
Confusing turn in Bitcoin value
The initial release of this news caused the Bitcoin price to rise to $30,000, but soon after, the value dropped. This caused confusion among investors and analysts as the validity of the claim was questioned.
Important Updates
Eric Balchunas shared via his latest post that Reuters Terminal had shared the same information. Eleanor Terrett stated that she contacted BlackRock and the news was denied. On the other hand, Bloomberg analyst Seyffart suggested that this claim may not reflect reality.
Anthony Scaramucci says Bitcoin will 'easily' reach $15 trillion market capitalization
In a remarkable turn of events, Bitcoin soared above $28,000 as investors anticipated the possible approval of several pending applications for Bitcoin Spot ETFs by the SEC. SkyBridge Capital founder and managing partner Anthony Scaramucci predicts Bitcoin could grow by as much as 2.662% from its current market capitalization of about $546 billion. Scaramucci believes Bitcoin could easily reach a value of $15 trillion in the next few years because of the problems in the U.S. financial system.
Other Developments in the Crypto Market
In addition to Bitcoin, Ethereum showed a 4.0% rise, recapturing support above $1,618. The overall cryptomark t capitalization rose 4.0% since yesterday, adding about $25 billion. Solana made an impressive gain of 7.8% by deploying a significant portion of its holdings, easing concerns about a possible sale.
BlackRock CEO calls cryptorally a 'flight to quality,' not based on rumors
Larry Fink, CEO of BlackRock, the world's largest asset manager, sees the crypto rally as a "flight to quality," driven by real economic factors, not false speculation. He emphasizes that the recent crypto rise goes beyond rumors. Fink notes that more people are fleeing to quality, whether in treasuries, gold or crypto, amid global uncertainties.
As the crypto market continues to evolve and take surprising turns, Bitcoin continues to be a source of excitement and speculation. The possible approval of Bitcoin Spot ETFs by the SEC and the prediction of a $15 trillion market capitalization by Anthony Scaramucci show that the crypto world continues to grow and evolve. At the same time, leaders such as Larry Fink of BlackRock indicate that cryptocurrencies are being taken more and more seriously in the global financial landscape. It remains fascinating to see how these developments will shape the future of cryptocurrencies.
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