The approval of spot Bitcoin exchange-traded funds (ETF) in the US, the price of Bitcoin is expected to increase by 74.1% within a year. Cryptocurrency investment firm Galaxy Digital made this prediction. Charles Yu, a research associate at Galaxy Digital, predicts that the total accessible market size will reach $14.4 trillion immediately after the launch in the first year of Bitcoin ETFs. He evaluated the potential price impact by referring to gold ETFs to reach this figure.

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Charles Yu: “Bitcoin’s value will raise over $59,000”

According to Yu’s projections, the Bitcoin price will increase by 6.2% in the first month after the ETF launch, and by 3.7% monthly in the twelfth month. Using Bitcoin price data on September 30, the 74.1% increase will raise Bitcoin’s value to over $59,000.

Estimated entries and Bitcoin price effect for each month during the first year of Spot Bitcoin ETF.
Source: Galaxy Digital Research

Markus Thielen from Matrixport predicts that Bitcoin could attain a value ranging from $42,000 to $56,000 in the event of the approval of BlackRock’s spot Bitcoin ETF application.

Yu predicts that the accessible market size of Bitcoin ETFs in the US will reach $26.5 trillion by the end of the second year and $39.6 trillion by the end of the third year. However, he admits that the delay or rejection of these ETFs could have an impact on the predictions, but stresses that these estimates are still conservative.

Also, Yu draws attention to the “second-degree effects” that may arise after the approval of spot Bitcoin ETFs. He mentions the high likelihood of other international markets following the US and approving similar Bitcoin ETFs to offer to a broader investor base. As a result he suggests that ETF entries, the Bitcoin Halving event in April 2024, and changes in interest rates could potentially spark 2024.

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The post Galaxy Digital Predicts a 74% Increase in Bitcoin Price After ETF Launch! appeared first on Coin Engineer.

ARK Invest CEO Cathie Wood announced that her hope for Bitcoin ETF approval in the United States has increased.

Wood stated that the “odds have increased” on this matter. Therefore, she demonstrated a positive outlook for the future of cryptocurrency investment products.

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ARK Invest entered the European market by purchasing a UK-based ETF in recent months. They also applied to the SEC in April in collaboration with Switzerland-based 21Shares to launch a spot Bitcoin ETF.

In Wood’s recent statements, she said, “If approved by the SEC, we hope to launch a Bitcoin ETF. We believe that the likelihood of approval has increased by partnering with 21Shares in the USA.”

Wood, who stated that regulators often cause trouble in such initiatives, noted that she does not expect a major problem for ARK Invest, which aims to offer more crypto products in Europe. Wood said, “According to my own feelings, it seems like there will not be any problem in this regard. However, we are still working with our partners with whom we are collaborating with the regulators.”

BlackRock’s application for a Bitcoin ETF had raised the hopes of cryptocurrency investors. The SEC is expected to announce its decision on the delay, acceptance, or rejection on January 10.

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The post Will Bitcoin Spot ETF Be Approved? Cathie Wood Revealed! appeared first on Coin Engineer.