💰 BlockFi: (Up To $250 Bitcoin Bonus) https://blockfi.com/cryptonewsalerts
A $1 million Bitcoin price could be in our future a lot sooner than you think. The reality is that BTC is already in heavy use today as a store of value, and this underlying utility of Bitcoin could potentially take its price to $1 million per coin.
The size of the global bond market was recently estimated at $119 trillion. Remember, not all coins are for sale, meaning the total value of the Bitcoin market would be far greater than $20.9 trillion if all of this money were to move into the crypto asset.
Some estimates put the effect of new buy orders on Bitcoin’s market cap at 25x the value of the purchases, so from this perspective, $1 million looks quite conservative.
In other trending Bitcoin News today:
Bitcoin (BTC) has recorded its biggest mining difficulty drop of nearly 28% on July 3, but one model suggests that the BTC price will not bottom until October.
In a series of tweets on July 2, investment manager Timothy Peterson flagged the relationship between Bitcoin price and hash rate as arguable evidence that the dip is not over.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://www.fool.com/investing/2021/06/02/why-a-1-million-bitcoin-price-isnt-crazy/
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Ethereum ETFs Launch with Strong Inflows, Marking a Milestone for Crypto Investments
On July 23, 2024, the U.S. Securities and Exchange Commission (SEC) approved nine Ethereum exchange-traded funds (ETFs), marking a significant milestone in the cryptocurrency market. These ETFs, which track the price of ether, the native cryptocurrency of the Ethereum blockchain, saw substantial interest from investors on their first day of trading.
The launch was met with strong inflows, totaling approximately $107 million. BlackRock’s iShares Ethereum Trust (ETHA) topped the list with $273 million in investments, while the Bitwise Ethereum ETF (ETHW) came in second with $204 million. The Fidelity Ethereum Fund (FETH) also saw significant interest, securing $71 million in assets.
This launch comes after the successful introduction of Bitcoin ETFs earlier in the year, which set a precedent for cryptocurrency-based ETFs. The approval of Ethereum ETFs is expected to make ether more accessible to traditional investors, as these funds can be bought and sold through conventional brokerage accounts.
The trading volume for these new ETFs reached nearly $1.1 billion on the first day, indicating robust market interest. Despite the strong start, the Grayscale Ethereum Trust (ETHE) experienced outflows of $484 million, highlighting a shift in investor preference towards the newly launched ETFs.
The introduction of Ethereum ETFs is seen as a pivotal moment for the cryptocurrency market, potentially driving further adoption and investment in digital assets. Analysts predict that these ETFs could attract up to $10 billion in inflows over the coming months, potentially pushing the price of ether to new highs by the end of the year.
This development underscores the growing acceptance of cryptocurrencies in mainstream finance and the increasing demand for diversified investment options in the digital asset space.
