It is good news for our crypto price prediction. Bitcoin’s price has surpassed the $31,000 mark thanks to the strong influence of institutional investors hoping for approval of a Bitcoin exchange-traded fund (ETF). This potential SEC approval would allow BTC to trade indirectly on traditional stock markets, similar to stocks and index funds.
The emergence of Bitcoin ETFs could significantly increase demand for Bitcoin and other cryptocurrencies. Experts predict that this development could lead to prices reaching the $40,000 mark in the coming weeks. Drawing a comparison with the significant rise in gold prices after the launch of its ETF in 2004, institutional investors expect a similar impact on bitcoin prices.
According to data recorded on the blockchain, institutional investors seem to be actively acquiring Bitcoin following the news of the ETF. Additionally, investors have been engaging in higher levels of Bitcoin trading, mainly through large transactions in the past month. This suggests that the ETF application has significantly bolstered investors’ trust in the positive crypto price prediction and trust to the coin. However, the recent decision from the SEC to reject the Bitcoin ETF due to identified shortcomings and weaknesses has hindered the upward trend.
However, report that the recent rejection does not rule out the possibility of BTC reaching the momentous $40,000 milestone. Although it may take longer than initially expected, a revised application for the Bitcoin ETF has been submitted to the SEC, addressing the identified flaws. If approved, this could spark a rally, potentially propelling prices to $35,000 by August and surpassing $40,000 in the coming months. The market has responded positively to this development.
Furthermore, the positive outlook on Bitcoin also benefits other cryptocurrencies, including DigiToads. This meme coin has gained significant popularity following a successful presale. As a result, it is now attracting traders who are displaying notable interest in its potential.