BitcoinBTC, ethereum and XRPXRP have driven a huge crypto price rally in recent months—adding around $600 billion to the combined crypto market and winning over one legendary billionaire.
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The bitcoin price has more than doubled since this time last year, largely thanks to growing hype around BlackRock’sBLK application for a bitcoin spot exchange-traded fund (ETF) in June that kicked of a Wall Street rush toward crypto (though some think this could actually “kill” bitcoin).
Now, after the chief executive of crypto asset manager Grayscale teased a $17.7 trillion bombshell, star stock-picker and founder of emerging technology investor Ark, Cathie Wood, has called BlackRock’s bitcoin ETF filing a “breakthrough” that will spur the bitcoin price sharply higher over the next few years.
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“Anyone owning bitcoin knows this is global, this is not just a U.S. opportunity and it’s big,” Wood told CNBC in an interview. “It is going to scale from a little more than $1 trillion today to $25 trillion in 2030 as this new world builds out.”
The combined bitcoin, ethereum, XRP and crypto market capitalization peaked at around $3 trillion in late 2021, with the 2022 crash wiping away more than $2 trillion of value as confidence evaporated and some big-name crypto companies collapsed.
The bitcoin price has climbed steadily through 2023, turbo-charged in June after BlackRock, the world’s largest asset manager that looks after around $10 trillion on behalf of clients, applied to create a bitcoin spot ETF, with crypto exchange Coinbase as its custodian.
“I think this regulatory breakthrough is very important to bring institutions online effectively and I think BlackRock and Coinbase’s partnership is going to be very important,” she said.
The U.S. Securities and Exchange Commission (SEC) has yet to approve a bitcoin spot ETF, despite wave through a bitcoin futures ETF in late 2021, and has rejected various attempts to create a fully-fledged bitcoin ETF over the last 10 years.
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Meanwhile, the bitcoin, ethereum, XRP and crypto market rally has stalled following its double-digit percentage increase last week, with some market watchers fearing a price correction could get “out of control.”
“Bitcoin continued its correction on Tuesday, which at one point seemed to get out of control as the price fell below $34.5K due to stop orders triggered,” Alex Kuptsikevich, senior analyst at FxPro, said in emailed comments.
“However, prices quickly moved away from the local extreme lows, and by Wednesday morning, there was moderate buying that took bitcoin back up to $35,600. Perhaps the most acute question is whether the cryptocurrency market’s counter-trend dynamic indicates risk demand exhaustion or an attempt at a quick correction to continue following equities. We are leaning towards the latter and expect a fresh test of last week’s highs soon.”
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