Spot Bitcoin ETF Approvals Could Add $1 Trillion to Crypto Market Cap, CryptoQuant Says
Blockchain analytics firm CryptoQuant’s models predict that $155 billion will flow into the bitcoin market cap should the ETFs be approved.
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Blockchain analytics firm CryptoQuant’s models predict that $155 billion will flow into the bitcoin market cap should the ETFs be approved.
After failing again at $28,000 resistance over the weekend, bitcoin has retreated to its weakest level since late September.
Bitcoin is on track for gains on Friday despite bearish U.S. jobs numbers which initially sent the crypto down nearly 2%.
Investment research firm ByteTree upgraded bitcoin’s price outlook to “bull” from “neutral” as the crypto benefits as a “safe haven” amid an equity and bond sell-off.
Bitcoin edged higher to $27,700 Wednesday afternoon as crypto markets calmed after Monday’s sharp rally. XRP and AVAX jumped 3% and 7%, respectively.
BTC slid to $26,500 as interest rates and the U.S. dollar surged while equities declined.
The pause in rate hikes had been overwhelmingly expected by market participants, who will now begin focusing on the U.S. central bank’s next policy meeting in November.
BTC price fell to $26,700 from $27,200 during Monday.
The world’s largest crypto has bounced from a 3-month low below $25,000 hit on Monday.
Some signs suggest potential market weakness despite Tuesday’s rally, market observers noted.