In a recent Forbes publication from Forbes contributor Billy Bambrough, the crypto market is said to be bracing for a seismic event with digital assets like XRP and Bitcoin at the center of impact.
Billy Bambrough cited that Bitcoin has experienced a remarkable surge to approximately $38,000 from around $15,000 last year. BTC’s lowest value last year was $15,476 in November. Likewise, XRP has equally surged over 56% to $0.61 from $0.3986 recorded a year ago.
Amid the praiseworthy performance of XRP and Bitcoin, the Forbes contributor noted a substantial influx of capital is about to hit the crypto market. This view is per a projection from the former New York Stock Exchange president, Tom Farley.
$48.3 Trillion Flooding in XRP, Bitcoin
Per the disclosure, this crypto surge is expected to occur upon the approval of the much-awaited Bitcoin spot exchange-traded fund (ETF). Farley remarked concerning Bitcoin ETF:
“Money will flood into the industry with a Bitcoin ETF. It’s just easy to buy it. People believe in Bitcoin. Bitcoin is a great invention. It is a store of value.”
Farley’s sentiment echoes the prevailing market optimism, fueled further by BlackRock’s move to apply for a Bitcoin spot ETF. The Forbes contributor argued that BlackRock’s filing set off a frantic rush on Wall Street to introduce a Bitcoin fund.
Furthermore, he cited Coinbase researchers forecasting that the impending Bitcoin ETF boom could pave the way for the $48.3 trillion U.S. wealth management industry to enter the crypto market en masse.
Moreover, Bambrough highlighted that crypto traders have received a further boost as prominent asset manager Grayscale secured a legal triumph against the U.S. regulator. Specifically, the U.S. court instructed the SEC to reevaluate Grayscale’s proposal to transform into a Bitcoin spot ETF.
However, amid the prevailing optimism, Bambrough noted that some market observers exercise caution regarding the impact of a Bitcoin ETF on the market. Laurence Latimer, CEO of Dinara, argued:
“While everyone predicts that a Bitcoin ETF and an Ethereum ETF will get approved and launch with tremendous enthusiasm, we believe that the actual uptake will be slower than anticipated.”
Meanwhile, Latimer predicts that approving a Bitcoin ETF will drive increased demand for Bitcoin. The Dinara CEO believes it would propel prices and reshape public perception of Bitcoin from a potential negative headline to a positive force, accelerating mainstream adoption.
Ultimately, as Bitcoin sees heightened value following the approval of a Bitcoin spot ETF, other digital assets, such as XRP, are expected to experience a comparable upward trajectory.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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