{"id":177347,"date":"2023-10-19T20:47:50","date_gmt":"2023-10-19T15:17:50","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=177347"},"modified":"2023-10-19T20:47:50","modified_gmt":"2023-10-19T15:17:50","slug":"blackrock-spot-bitcoin-etf-approval-could-catapult-btc-to-56000-matrixport-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/blackrock-spot-bitcoin-etf-approval-could-catapult-btc-to-56000-matrixport-crypto-news\/","title":{"rendered":"BlackRock spot bitcoin ETF approval could catapult BTC to $56,000 \u2013 Matrixport – Crypto News"},"content":{"rendered":"

Bitcoin\u2019s (BTC<\/a>) price could surge to as high as $56,000 if the U.S. Securities and Exchange Commission (SEC) approves BlackRock\u2019s<\/a>\u00a0application<\/a> for a spot exchange-traded fund (ETF), per an Oct. 19 research note by Matrixport shared with CryptoSlate<\/em>.<\/p>\n

The prediction is based on the projection that the U.S. registered investor advisor (RIA) community overseeing around $5 trillion in assets would allocate 1% of their holdings into BTC, which could usher in as much as $50 billion for the industry.<\/p>\n

A more conservative estimate by the crypto platform predicted that the top cryptocurrency\u2019s value could jump to $42,000 if the asset witnessed a sizeable inflow between $12 billion to $24 billion from 10-20% of precious metal ETF investors who are looking to diversify their portfolios through a Bitcoin ETF.<\/p>\n

Bitcoin market cap to $900B: CryptoQuant<\/h2>\n

The prediction is coming on the heels of a similar one made by crypto analytics firm CryptoQuant, which wrote<\/a> that a spot BTC ETF approval would push the market capitalization of the flagship asset to $900 billion. In comparison, the broader crypto market could grow by $1 trillion.<\/p>\n

Per CryptoQuant\u2019s prediction, BTC\u2019s price might surge to a range of $50,000 to $73,000 if the ETF applicants allocate a mere 1% of their Assets Under Management (AUM) to these funds.<\/p>\n

CryptoQuant argued that the influx of capital from spot ETFs could substantially surpass the capital inflow experienced by Grayscale\u2019s<\/a> Bitcoin Trust (GBTC) during the previous bull market. According to the firm, the initial stage of institutional adoption saw these firms integrate BTC into their balance sheets. However, the subsequent phase might involve financial institutions facilitating client access to the asset via spot ETFs.<\/p>\n

\u2018Pent up demand\u2019<\/h2>\n

These firms\u2019 predictions align with the market reaction to a false repo<\/a>rt about a spot BTC approval. Following the news, BTC momentarily jumped to $30,000 before retracing to its current value.<\/p>\n

BlackRock CEO Larry Fink\u00a0said<\/a> the market reaction was \u201can example of the pent-up interest in crypto\u201d and evidence of a \u201cflight to quality.\u201d<\/p>\n

This view was also shared by several market observers who believe that a spot BTC ETF approval would push the asset\u2019s value to new highs.<\/p>\n

The post BlackRock spot bitcoin ETF approval could catapult BTC to $56,000 \u2013 Matrixport<\/a> appeared first on CryptoSlate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin\u2019s (BTC) price could surge to as high as $56,000 if the U.S. Securities and Exchange Commission (SEC) approves BlackRock\u2019s\u00a0application for a spot exchange-traded fund (ETF), per an Oct. 19 research note by Matrixport shared with CryptoSlate. The prediction is based on the projection that the U.S. registered investor advisor (RIA) community overseeing around $5 […]<\/p>\n","protected":false},"author":2,"featured_media":177348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-177347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177347","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=177347"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177347\/revisions"}],"predecessor-version":[{"id":177349,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177347\/revisions\/177349"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/177348"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=177347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=177347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=177347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}