[Business Post] Bitcoin Market Price Reaches New Highs, Analysts Predict ETF Launch
The market price of Bitcoin has surged past the 36 million won mark, signaling optimistic trends for the popular cryptocurrency. Analysts are now forecasting a 75% probability for the launch of a spot Bitcoin exchange-traded fund (ETF).
After gaining approval from the US Securities and Exchange Commission (SEC), a Bitcoin ETF release appears increasingly likely. This development has caused excitement in the virtual currency market.
As of 4:42 pm on the 31st, Bitcoin was being traded at 36.91 million won on Bithumb, showing a minor decrease of 0.54% compared to the previous day. Meanwhile, most of the top 10 cryptocurrencies on Bithumb experienced a decline in their market capitalization.
Ethereum, with a trading value of 2,314,000 won for 1 ETH, suffered a decrease of 0.65%. Binance Coin, on the other hand, saw a drop of 0.43% to 302,700 won for 1 KRW.
Other major cryptocurrencies such as Ripple, Ada, Solana, Tron, and Polkadot also experienced a decline in their prices, with decreases ranging from 0.11% to 3.73% compared to 24 hours ago. However, Dogecoin and Polygon saw an increase of 1.47% and 0.20% respectively during the same period.
Analysts have expressed confidence in the release of a spot Bitcoin ETF. Cointelegraph, a renowned cryptocurrency media outlet, reported that Bloomberg ETF chief analyst Eric Balchunas has increased the probability of a Bitcoin ETF launch from 65% to 75% following a recent US court decision.
Moreover, Eric Valchunas pointed out that as the approval deadline approaches, it will become increasingly challenging for the US Securities and Exchange Commission (SEC) to justify any further denials. This statement further reinforces the expectation of a spot Bitcoin ETF launch.
As Bitcoin continues to dominate the digital currency market, investors and enthusiasts eagerly await the implementation of a Bitcoin ETF, which could provide more accessible and regulated investment options.
[비즈니스포스트] The market price of Bitcoin records the second half of 36 million won.
Analysts say the probability of launching a spot Bitcoin exchange-traded fund (ETF) has risen to 75%.
▲ Analysts say the likelihood that a bitcoin exchange-traded fund will be released after receiving approval from the US Securities and Exchange Commission has risen. The picture is a virtual Bitcoin image.
As of 4:42 pm on the 31st, on the virtual currency exchange Bithumb, the bitcoin market price is trading at 36.91 million won, down 0.54% per 1BTC (bitcoin unit) from 24 hours ago.
Most of the top 10 major cryptocurrencies by market capitalization traded on Bithumb are in decline.
Ethereum is bought and sold at 2,314,000 won per 1 ETH (Ethereum unit), down 0.65%, and Binance Coin is bought and sold at 302,700 won, down 0.43% per 1 KRW (Binance Coin unit).
Additionally, Ripple (-1.08%), Ada (-0.11%), Solana (-3.73%), Tron (-0.58%), and Polkadot (-2.17%) are trading at lower prices than 24 hours ago.
On the other hand, Dogecoin (1.47%) and Polygon (0.20%) are trading higher than 24 hours ago.
There is an analysis that there is a high probability that a spot bitcoin exchange-traded fund (ETF) will be released.
Cointelegraph, a cryptocurrency media outlet, reported that Bloomberg ETF chief analyst Eric Balchunas said that the US court decision raised the probability of a spot Bitcoin ETF launch from 65% to 75%.
“However, the US Securities and Exchange Commission (SEC) will find it difficult to justify further denials as the approval deadline approaches,” added Eric Valchunas. Reporter Cho Yoon-ho
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