‘A Big Deal’—Crypto Braced For A $30 Trillion Earthquake After Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Litecoin, Solana, Tron And Polygon Price Boom

13 July 2023

in XRP

Reading Time: 5 mins read

BitcoinBTC, ethereum and other top cryptocurrencies BNBBNB, XRPXRP, cardano, dogecoin, tron, polygon and solana have surged back this year after 2022’s price crash (with Binance’s chief executive revealing when he thinks the bull run will return).

Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market rollercoaster

The bitcoin price has topped $30,000 per bitcoin, double its late 2022 price, with two shock crypto flips helping the crypto market rebound as the world’s largest asset manager BlackRock pulled the trigger on a landmark race.

Now, after Elon Musk surprised traders with a bullish crypto prediction, bitcoin and crypto are braced for $30 trillion worth of capital hitting the market if any one of the recent flurry of U.S. spot bitcoin exchange-traded fund (ETF) filings are approved by the U.S. Securities and Exchange Commission (SEC).

It’s at the start of a bull run you need up-to-date information the most! Sign up now for the free CryptoCodex—A daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market

MORE FROM FORBESElon Musk Endorses Huge 2030 Crypto ‘Prediction’ That Could Trigger A Bitcoin And Ethereum Price BoomBy Billy Bambrough

boosting the price of ethereum, BNB, XRP, cardano, dogecoin, polygon, litecoin, tron and solana.

Getty Images

“The big deal is that the ETF is the platform or vehicle that so many financial advisors prefer,” Bloomberg Intelligence ETF analyst Eric Balchunas told Cointelegraph.

“This matters because financial advisors manage about $30 trillion in assets [and] this would open up all that money. Even 1% or 2% of $30 trillion is a lot of money … it’s a bridge to all that wealth.”

21Shares files S-1 application for an XRP ETF

1 November 2024

Ripple CEO optimistic about crypto post-election, regardless of outcome

24 October 2024

Last month, BlackRock sent shock waves through the world of crypto with a filing for a U.S. spot bitcoin ETF, a move that was closely followed by other finance heavyweights who expect BlackRock to carve a path through the regulatory minefield.

[crypto-donation-box]

Fidelity, JPMorgan, Morgan StanleyMS, Goldman Sachs, BNY Mellon, InvescoIVZ and Bank of AmericaBAC are among the Wall Street giants that rushed to get in their own ETF applications after news of BlackRock’s filing broke.

MORE FROM FORBESShock Flip Reveals ‘Unprecedented’ $9 Trillion ‘Revolution’ Could Be About To Hit The Price Of Bitcoin And Major Cryptos Ethereum, BNB And XRPBy Billy Bambrough

pushing the combined value of the world’s biggest cryptocurrencies—including ethereum, BNB, XRP, cardano, dogecoin, polygon, litecoin, tron and solana—to over $1 trillion.

Forbes Digital Assets

Earlier this week, Former SEC chair Jay Clayton said regulators would find it “hard to resist” approving a spot ETF. “If [the applicants] are right—that the spot market has similar efficacy to the futures market—it would be hard to resist approving a bitcoin ETF,” Clayton told CNBC in comments that were cheered by bitcoin traders.

“This indicates that the acceptance of bitcoin in the traditional financial system is becoming inevitable,” Thomas Kralow, a crypto hedge fund manager, said in emailed comments. “With trillions of dollars waiting to be utilized and institutional investors entering the crypto space, the potential for growth is substantial.”

Follow me on Twitter.

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.