The ‘Most Important Thing’—‘Simultaneous’ $15.5 Trillion Crypto Earthquakes Are Heading For Bitcoin And Ethereum After XRP-Led BNB, Cardano, Dogecoin, Litecoin, Solana, Tron And Polygon Price Boom

31 July 2023

in DOGE

Reading Time: 6 mins read

07/31 update below. This post was originally published on July 29

BitcoinBTC, ethereum and other major cryptocurrencies have been revitalized by a shock legal decision in recent weeks.

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The bitcoin price has almost doubled since the beginning of the year, with Tesla billionaire and Twitter owner Elon Musk issuing a surprise, huge 2030 crypto prediction, and helping the combined bitcoin, ethereum, XRPXRP crypto market soar back above $1 trillion.

Now, bitcoin, ethereum and crypto asset manager Grayscale has said it will take “any action necessary” to convert its flagship bitcoin fund to a fully-fledged U.S. spot bitcoin exchange-traded fund (ETF)—calling on the Securities and Exchange Commission (SEC) to approve all ETF applications together.

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somewhat catching traders off-guard as the price of bitcoin, ethereum, XRP and other cryptocurrencies have soared.

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“We believe that for the benefit of bitcoin, the market, and investors, all spot bitcoin ETF applications should be approved simultaneously,” Craig Salm, chief legal officer at Digital Currency Group (DCG)-owned Grayscale, wrote in a blog post.

The bitcoin, ethereum, XRP and crypto market was rocked by a flurry of bitcoin spot ETF applications last month, led by the world’s largest asset manager BlackRock and followed by Fidelity, Valkyrie, VanEck and WisdomTree. Combined, the Wall Street giants look after some $15.5 trillion worth of assets on behalf of clients.

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“Grayscale continues to support any effort that enables investors to access the crypto ecosystem, and we applaud all progress that brings more oversight to centralized crypto markets. We will also take any action necessary to convert GBTC to an ETF,” Salm said.

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07/31 update: Mike Novogratz, the chief executive of crypto financial services company Galaxy Digital and an outspoken bitcoin bull, has called BlackRock chief executive Larry Fink’s flip to become a bitcoin supporter “the most important thing that happened” to bitcoin this year that will kick off a fresh “adoption cycle.” “He got ‘orange-pilled,’ as we say. Orange pill is when you take a non-believer and you make them a believer in bitcoin,” Novogratz told Bloomberg.

Earlier this month, Fink, who shocked the world when he announced his surprise crypto flip, has said he expects crypto to “transcend” traditional currencies, including the U.S. dollar.

“Larry was a nonbeliever,” Novogratz said. “Now he says, ‘Hey, this is going to be a global currency.’ People around the world all trust it.”

For years, Grayscale has been battling with U.S. regulators to convert its Grayscale Bitcoin Trust (GBTC) fund, which holds bitcoin on behalf of investors who want exposure to the bitcoin price without having to buy and hold it themselves, to an ETF. As well as the $13 billion GBTC, Grayscale also manages a $6 billion ethereum fund and funds for various smaller cryptocurrencies.

The SEC is facing a looming deadline of August 13 to approve, deny or delay a bitcoin ETF application by 21Shares and Ark Invest after it was added to the Federal Register in May and was already once delayed by the SEC in June.

Last week, the SEC added bitcoin ETF applications from BlackRock, Fidelity and others to the register, starting the clock on a 240-countdown to approval or denial.

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remains well under its peak of almost $70,000 per bitcoin, weighing on the price of ethereum, XRP and other major cryptocurrenices.

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The flood of bitcoin ETF applications has caused a rush of bullish price predictions from crypto market watchers.

“[A bitcoin ETF launch] would bring daily demand to $125 million, while daily supply is only $25 million,” analysts at research company Fundstrat wrote in a note to clients seen by Insider.

“The implied equilibrium price would need to rise so daily supply matches daily demand. Equilibrium analysis suggests that a clearing price is $140,000 to $180,000, before the April 2024 halvening,” referring to bitcoin’s scheduled supply cut next year.

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.
Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.