EU's First Bitcoin ETF Hits the Market
A new Bitcoin exchange-traded fund (ETF) has hit the European market, providing investors with an opportunity to trade Bitcoin on the Euronext Amsterdam exchange. The ETF, which recently gained approval from the Guernsey regulator, marks a strategic move for the European market. However, its small launch size and unfamiliar management may lead some to question its appeal.
US Bitcoin ETF Faces Further Delays
In the United States, the approval of a Bitcoin ETF has once again been delayed. The Securities and Exchange Commission (SEC) has set a potential deadline for early 2024 to make the decision. This ongoing cycle of postponements highlights the challenges faced by Bitcoin ETFs over the past decade. The lack of regulatory clarity in the US cryptocurrency market is a key factor in the SEC's reluctance to endorse a spot crypto ETF.
Bitcoin Price Predictions and Market Uncertainty
Analyst Marcel Pechman discusses Bitcoin's price trajectory and the factors influencing it. According to Bitcoin investor Jesse Myers, breaking the $100,000 barrier is linked to the block subsidy halving in mid-2024. However, Pechman highlights the difficulty of predicting market outcomes and emphasizes that various factors, including Federal Reserve decisions, banking liquidity, economic conditions, and unforeseen events, can sway Bitcoin's trajectory.
Bitcoin's Value Drivers and the Impact of Inflation
Pechman concludes by highlighting the primary drivers of Bitcoin's value: the abundance of fiat currency and government debt. While he foresees Bitcoin surpassing $100,000, he acknowledges that the real-world purchasing power of that sum may be diminished due to inflation.
Listen to the full episode of The Market Report on the new Cointelegraph Markets & Research YouTube channel for more insights and analysis on the Bitcoin market. Don't forget to like and subscribe to stay up-to-date with all the latest content.
