Crypto Market Cannot Hide Its Excitement Over Expected US Approval of Spot BTC and ETH ETFs in 2024
Excitement over a widely-anticipated approval of the first spot Bitcoin and Ethereum ETFs in the U.S. has sent the prices of the two leading cryptocurrencies above $41,000 and $2,200, respectively.
On the crypto exchange Bitstamp, the Bitcoin price hit $41,733 earlier this morning (at 6:29 a.m. UTC), the highest since 18 April 2022.
As for the Ethereum price, it reached $2,264 earlier today (at 6:21 a.m. UTC), which is the highest price it has been since 9 May 2022.
In fact, at one point earlier today, as Bitcoin Magazine correctly pointed out, Bitcoin’s market cap exceeded that of American multinational conglomerate holding company Berkshire Hathaway (NYSE: BRK):
Yesterday, noted value investor Mike Alfred expressed his views on the market’s response to baby boomers investing in Bitcoin through the Blackrock ETF. He speculated that rather than purchasing at the current price of around $40,000, these investors would likely be buying at higher prices, averaging in at over $60,000.
Alfred predicted a significant market reaction, anticipating that Coinbase and Microstrategy stocks would open with an increase of 10-15%, and some Bitcoin miners would see over a 20% rise. He warned of a challenging day ahead for market bears, suggesting potential bankruptcies and suicides as a result of the market movements. Alfred remarked on the significance of witnessing such historic events in the financial world.
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