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Crypto Revolution: 90% Chances of New ETF Approvals!
US regulators could approve crypto ETFs. Analysts predict 90% probability of approval and highlight market trends.
Crypto Revolution: 90% Chances of New ETF Approvals!
Excitement surrounding crypto exchange-traded funds (ETFs) in the US is increasing as the approval probability for various altcoin ETFs is estimated at 90% or higher. Bloomberg experts, including Erich Balchunas and James Seyffart, have a positive outlook on the approval of crypto ETFs by the US regulator SEC, which is now very committed to these products. It is expected that major cryptocurrencies such as Litecoin (LTC), Solana (SOL), XRP and Dogecoin (DOGE) could also be classified as commodities.
However, the timeline for approvals and launch of these spot products remains unclear, meaning investors may have to wait several months for official confirmations. Despite the positive developments in the altcoin space, money managers are primarily trying to emulate the enormous success of BlackRock's iShares Bitcoin Trust (IBIT), which has attracted over $70 billion in assets in just 341 days.
Market development and investor behavior
Demand for Ethereum ETFs (ETH) has shown some restraint since its launch last year. In May, many ETH ETF investors were “significantly underwater,” indicating the volatility and uncertainty in the market. At the same time, it is expected that altcoins will not be able to challenge Bitcoin's dominance in the ETF market in the near future. This is being viewed favorably by experts, particularly with regard to Franklin Templeton's XRP and SOL ETF proposals that have been released for public comment.
In the broader context, the approval of Bitcoin ETFs shows a notable development in the financial sector. The SEC has already approved Bitcoin ETFs, which is seen as a significant sign of the professionalization of the market. Philipp Sandner from the Frankfurt School of Finance and Management emphasizes that Bitcoin has increasingly entered the mainstream. However, due to special regulations, no Bitcoin ETFs are available in Germany; instead, similar products exist in the form of ETPs (Exchange-Traded Products) or ETNs (Exchange-Traded Notes).
Price predictions and investor alerts
In the past, the price of Bitcoin has fluctuated wildly, especially before the SEC decision, when the price rose from around $26,500 to almost $48,000. Experts predict that Bitcoin could reach a record high of over $69,000 in 2024. Some investors even have hopes of a Bitcoin price of over a million dollars. But the consumer advice center intervenes and warns of the risks of a Bitcoin investment, as there is a risk of strong price fluctuations and a possible total loss scenario.
The bottom line is that developments in the crypto ETF market remain an exciting topic. With the pending approvals and associated investor interest, the market could change significantly in the coming months. The above developments underscore the importance of keeping an eye on current trends and potentially new investment opportunities.