Now that SEC chief Gary \u201cYou Win This Round\u201d Gensler has rubber stamped 11 spot Bitcoin ETFs on a momentously historic day for magic internet money, what happens next?\u00a0<\/p>\n
Are Lambo factories working round the clock on production and delivery for all crypto bros and broettes?<\/p>\n
Hold your horsepowers \u2013 despite some wild predictions this thing could be a slow burn.<\/p>\n
Maybe even something of a nuthinburger at first.<\/p>\n
But let\u2019s take a look at how price action\u2019s been shaping up for the top cryptos since the official (definitely not fake this time<\/a>) SEC approval landed this morning, courtesy of CoinGecko\u2019s data.<\/p>\n \u00a0<\/p>\n Source: Coingecko.com<\/p>\n \u00a0<\/p>\n A \u201csell the news\u201d occurrence was predicted by many in the space upon ETF approval. That hasn\u2019t eventuated at this point. That said, price action isn\u2019t exactly ripping off faces yet, either.<\/p>\n Bitcoin\u2019s might need to chug a case of Prime, or ingest something performance enhancing, if it wants to get a hurry on towards Samson Mow\u2019s ridonculous \u201cUS$1m BTC within days\u201d target.<\/p>\n That said, the ETF trading isn\u2019t open in the US yet \u2013 American traders are largely readying for bed as we type, or returning videos, thinking about business cards and plotting Paul Allen\u2019s murder.<\/p>\n Don\u2019t forget \u2013 there is a supposed<\/em> US$2 billion of liquidity<\/a> apparently waiting to quickly flow into BlackRock\u2019s ETF alone, in the first week.<\/p>\n Interestingly, though, it\u2019s actually Ethereum and several of the biggest altcoins in its vast ecosystem that are outperforming on the Bitcoin news.<\/p>\n In fact, Josh Gilbert, market analyst over at eToro, says as much, noting a \u201cmuted reaction to the acceptance so far,\u00a0given the false acceptance yesterday and the general expectation that the SEC would issue an approval after a decade-long campaign.<\/p>\n \u201cInstead, we\u2019re seeing positive price action from Ethereum, the next crypto likely in line for a spot ETF. ETH is now playing catch-up after underperforming bitcoin in 2023.\u201d<\/p>\n \u00a0<\/p>\n Aside from X-platform froth, Coinhead\u2019s inbox is overflowing with commentary emailed directly to us about what the ETF approvals means for Bitcoin and crypto broadly, so let\u2019s start there\u2026<\/p>\n \u00a0<\/p>\n Nigel Green \u2013 CEO of deVere Group<\/strong><\/p>\n Green and deVere Group are\u00a0 long-term high profile cryptocurrency advocates. He says:<\/p>\n \u201cThis approval by the financial regulator of the world\u2019s largest economy is a landmark moment for Bitcoin and the wider crypto market and boosts prices in the long-term, even if there\u2019s a sell-off in the near-term.<\/p>\n \u201cThe approval of Bitcoin ETFs represents a resounding institutional validation of the cryptocurrency, marking a departure from its initial reputation as a speculative and volatile asset.<\/p>\n \u201cOne of the primary catalysts for the anticipated surge in Bitcoin prices is the massive influx of capital that is expected to follow the approval of ETFs.<\/p>\n \u201cOn a tidal wave of investor enthusiasm, we wouldn\u2019t be surprised if Bitcoin hits $60,000<\/strong> this quarter \u2013 and higher moving forward throughout the year.\u201d<\/p>\n \u00a0<\/p>\n Note: That prediction there is pretty bullish, but for even wilder Bitcoin price crystal balling, you\u2019ve gotta read this > ETF Riders, Raging Bulls<\/a><\/em><\/p>\n \u00a0<\/p>\n Adrian Przelozny \u2013 CEO of Independent Reserve crypto exchange<\/strong><\/p>\n \u201cThis is monumental for the industry,\u201d Przelozny told Stockhead<\/em>.<\/p>\n \u201cThe approval of the Bitcoin spot ETFs provides the industry and digital assets with validation and legitimacy, increasing the accessibility and confidence in the overall market.<\/p>\n \u201cFor the major digital assets such as Bitcoin and Ethereum, this is likely to bring about greater market stability in the coming years. However, time will tell if we\u2019ll see shallower troughs between bull and bear markets.<\/p>\n \u201cFor many years we\u2019ve talked about and seen increased participation from institutional investors. With the approval of the Bitcoin spot ETFs, the floodgates are open. The increased accessibility and confidence is going to see tens of billions of new dollars enter the market.<\/p>\n \u201cI expect very bullish price action for Bitcoin over the next 24 months.\u201d<\/p>\n \u201cGlobally, the regulators are going to follow the lead of the markets such as the US, UK, and Singapore. We\u2019re going to see more jurisdictions, such as Australia, bring in licensing regimes for the crypto industry, and provide regulatory certainty, which will lead to further growth in confidence and demand.\u201d<\/p>\n \u00a0<\/p>\n Yoni Assia, CEO and co-founder of eToro exchange<\/strong><\/p>\n \u201cThe term \u2018watershed moment\u2019 can be a cliche, but in the case of today\u2019s bitcoin ETF news, it could not be more justified.<\/p>\n \u201cFor 15 years, bitcoin has been growing in prominence as an asset class amongst retail investors, while in a reversal of traditional roles, institutional investors have remained largely on the sidelines waiting for traditional finance rails to be put in place.<\/p>\n \u201cToday\u2019s news provides an answer for institutional demand for bitcoin. It\u2019s good news for crypto markets and supportive of our belief that bitcoin is an unstoppable technology.<\/p>\n It is digital gold and taking a long term view, I believe that it represents the intersection of finance, economics and technology.<\/p>\n \u201cI believe that the majority of ordinary investors will want to continue to buy and hold real BTC.\u201d<\/p>\n \u00a0<\/p>\n Sergey Nazarov \u2013 Chainlink co-founder<\/strong><\/p>\n Chainlink, a bridging tech for real-world data to the world of blockchain, is one of the crypto sphere\u2019s most well known and widely adopted crypto projects and tokens. Here\u2019s what it\u2019s figurehead thinks about today\u2019s news:<\/p>\n \u201cBitcoin ETF approval has made it clear that traditional financial institutions have a significant role to play in determining how the crypto markets evolve.<\/p>\n \u201cThis was evident when PayPal launched the ability to buy certain cryptocurrencies, and some banks started offering crypto custody.<\/p>\n \u201cThe approval of the Bitcoin ETF will lead to an influx of traditional large top-tier financial firms like BlackRock and Fidelity, which will likely actively participate in the crypto markets.\u201d<\/p>\n Jonathon Miller \u2013 MD, Kraken Australia exchange\u00a0<\/strong><\/p>\n \u201cToday\u2019s approval is a milestone moment for Bitcoin and cryptocurrencies more generally. An ETF makes Bitcoin accessible to a much broader range of investors and signifies tacit acknowledgement that the crypto asset-class is here to stay.<\/p>\n \u201cKraken is delighted that CF Benchmarks, a wholly owned subsidiary, is the benchmark provider for many of the ETFs listed today. As a constituent exchange of the index used to benchmark the performance of the ETFs, Kraken will have an integral role in ensuring that ETF shares are valued accurately to the Bitcoins that the ETF holds.\u201d<\/p>\n \u00a0<\/p>\n Caroline Bowler \u2013 CEO, BTC Markets exchange<\/strong><\/p>\n \u201cThe [SEC\u2019s] approval of 11 bitcoin ETFs in the US marks a pivotal moment for the cryptocurrency landscape.<\/p>\n \u200b\u201dFidelity Digital Assets described BTC as an \u201centry point for traditional allocators\u201d to gain exposure to the asset class. We can expect to see liquidity follow utility into this sector.<\/p>\n \u201cLocally, it provides greater context for the ASX to list a spot bitcoin ETF. This further opens cryptocurrency to both retail and institutional investors via a traditional financial product. It is also reasonable to assume that this will expand crypto markets in general, as liquidity follows utility. So while this is an historic day for the industry, the impacts will be increasingly felt over time.<\/p>\n \u201cThe SEC\u2019s ETF approval and the approaching bitcoin halving collectively weave a robust narrative for BTC in the first half of 2024.\u201d<\/p>\n \u00a0<\/p>\n Ben Rose \u2013 general manager, Binance Australia exchange<\/strong><\/p>\n \u201cThe approval illustrates a new level of acceptance, maturity and mainstreaming of the crypto market, providing the industry with more credibility and potential for further innovation.<\/p>\n \u201cWhile it is not easy to anticipate the scale of new entrants and market dynamics, it is useful to note that the introduction of gold ETFs in 2004 led to seven years of positive price action after that. Coupled with the Bitcoin halving event this year, these events could provide a dynamic market for Bitcoin.\u201d<\/p>\n \u00a0<\/p>\n Pav Hundal \u2013 lead market analyst at Swyftx exchange<\/p>\n Meanwhile, another local crypto exchange, Swyftx told Stockhead<\/em> earlier today that early trading volumes on Swyftx are currently well up on the corresponding period yesterday.<\/p>\n Hundal noted:<\/p>\n \u201cEarly trading on Swyftx is up over 125% this morning and very close to 90% of bitcoin trades are buys. Aussies are clearly speculating that the ETF approvals are a landmark moment for digital assets.<\/p>\n \u201cThe SEC decision is unlikely to upend the market overnight but over time we expect this to reduce Bitcoin\u2019s volatility and increase pressure on prices.<\/p>\n \u201cYou can\u2019t underestimate the significance of Bitcoin commanding a place in the portfolios of clients at the world\u2019s biggest asset managers.<\/p>\n \u201cIt doesn\u2019t really matter whether you see Bitcoin\u2019s future as an investable asset or a means of payment or something between the two, this is big news.\u201d<\/p>\n Agreed.<\/p>\n \u00a0<\/p>\n We took a quick scout round Elon Musk\u2019s platform for a few more choice takes\u2026<\/p>\n Inafamous whistleblower Edward Snowden here\u2026<\/p>\n #Bitcoin<\/a> ETFs were (finally) just approved for trading tomorrow, after ten years. Maybe the politics in Congress around cryptocurrency will get better once they realize it’s backstopping pension funds and retirement accounts.<\/p>\n \u2014 Edward Snowden (@Snowden) January 10, 2024<\/a><\/p>\n\n El Salvador\u2019s Bitcoin volcano-spruiking president\u2026<\/p>\n The IMF and BlackRock have nothing on @nayibbukele<\/a> pic.twitter.com\/FGpLIV3TiY<\/a><\/p>\n \u2014 Vandelay \u20bfTC Industries (@VandelayBTC) January 10, 2024<\/a><\/p>\n\n Seeing prediction from Bloomberg that there could be 4 billion in buys tomorrow for Bitcoin. Huge if true.<\/p>\n \u2014 Lark Davis (@TheCryptoLark) January 10, 2024<\/a><\/p>\n\n The SEC has such disdain for Crypto\u2026.yet here they are approving ETF’s today. <\/p>\n In the end, it’s money that talks. Always. <\/p>\n TradeFI is going to rape and pillage.<\/p>\n \u2014 Bob Loukas (@BobLoukas) January 10, 2024<\/a><\/p>\n\n And this from crypto-focused US journo Laura Shin, regarding some commentary from SEC commissioner Hester Peirce, who has consistently advocated for these ETF approvals, despite her boss Gary Gensler\u2019s consistent roadblocking:<\/p>\n\n \u00a0<\/p>\n <\/span><\/p>\n The post \u2018Bitcoin is unstoppable\u2019, \u2018the floodgates are open\u2019 \u2013 bullish sentiment abounds post ETF approvals<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Who else is saying what?<\/h2>\n
A bit more from around the blocks<\/h2>\n