Well, I’m yet to put up a poll, but it’s almost certain that a majority of ‘cryptocurrency enthusiasts’ are yet to understand what cryptocurrency ETFs are. Not sure most care anyways. As long as it keeps the market green, we’re fine…I’m fine too. Pun intended.
Exchange Traded Funds are like pooled funds by users of financial institutions, Like mutual funds. But since we agreed to keep this simple, I’ll skip the details and simply attach a link where you can read up on this. Again, this whole article is limited to 500 words. Subsequent ones will grow in length if Bitcoin blows past $30,000
Bitcoin ETFs, Ethereum ETFs, and maybe one for the handful of memcoins flying around. My wild guess is a DogeCoin ETF; if that fails, a PEPE ETF is my backup guess. Elon is cracking down on Twitter bots ‘powered’ by memecoins, so I will stay away from that space.
Binance’s tussle with regulatory bodies around the world was expected. I must say that the firm is handling it considerably well so far. At least relative to FTX, funds are still SAFU. The market slumped on the news, not surprising when the biggest exchange is getting served by the SEC. Mr. Gensler hasn’t been easy on this space!
But we have the ETF news to thank for keeping everyone in the market. Not a big deal, to be honest. Bitcoin traded below $17,000 this year, and the investors’ spirits weren’t damped. Oh well, it actually was, just not totally annihilated. I’d take an exception for the bears who shorted everything they could lay their hands on during this time.
Bitcoin has tumbled almost twice since this time; altcoins are still left in the dust. The market appears to be jostling towards the green lines. The ETFs are a huge factor, but is this enough to take us back to the late 2020 and early 2021 days? You have your personal opinion, and it will be cool to put them in the comments.
I’ve come across a number of Tweets analyzing how ETFs will push Bitcoin to $300,000. If that materializes, then we are 10X away from the future. Bitcoin will have to behave like a real memecoin for the first time since Peter Schiff accused it of being a memecoin. And that’s fine for me. Even Peter is inscribing and selling Bitcoin ordinals now; I guess that’s a good step to becoming a moonboy. Turns out Gold doesn’t have ordinals.
For the most serious part of this article, I’d like to opine that ETFs aren’t enough to launch us into another Bullrun, at least not before the next halving. While a Bullrun before the next halving will be very much desired, the current sell pressure on cryptocurrencies is something these analyses haven’t considered yet. And mathematics doesn’t always work in the real world. $30,000 for a bitcoin in the middle of a global financial turmoil is already a big statement, and the bears can rear their ugly heads.
But there is still a long distance to the next $5,000 pump on Bitcoin. The market is in a pullback at the time I wrote this sentence. Might change by the time I push this article to my blogs. But for now, we can expect thins to dangle between $29,000 and $32,000 for a while. Even with every institution launching an ETF for the two biggest cryptocurrencies.
Again, we blew past 500 words! You guys owe me now!
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