Bitcoin surged past the $30,000 mark on CoinMarketCap. This comes after the surge that was triggered by some misleading news reports that claimed the U.S. Securities and Exchange Commission (SEC) had given the green light to BlackRock’s iShares Bitcoin exchange-traded fund (ETF) application.
BlackRock promptly set the record straight, stating that their ETF application was still under review. That’s when reality hit, and Bitcoin’s price took a tumble, dropping below $27,000.
Now, despite this rollercoaster ride, the crypto world is buzzing with anticipation. The possible approval of a spot-based Bitcoin ETF in the U.S. has the crypto community talking.
Many believe this could be a game-changer for Bitcoin, potentially bringing a wave of bullish energy. And some experts predict that it might happen in late 2023 or early 2024.
To put it into perspective, Bitcoin enthusiasts have been trying to launch such a product since 2013, with little success. But this time, hopes are high.
If BlackRock’s ETF gets the green light, Bitcoin’s price could see a significant boost. Some experts predict it might even climb to somewhere between $42,000 and $56,000, thanks to expected investment inflows.