Novogratz is not the only expert who expects Bitcoin price to skyrocket soon. One of the main reasons is that long-term holders are not selling off their positions
The demand for BTC is expected to skyrocket once a spot exchange-traded fund ETF is approved by the US SEC.
Pando has named the Bank of New York Mellon as the official administrator of the ETF.
The correlation between Bitcoin price action and the stock market has continued to widen amid ongoing crypto regulatory pressures in the United States.
Grayscale is hoping that the proposed changes to GBTC’s Trust Agreement would help both the company and GBTC to achieve operational efficiencies.
Aside from his involvement with OCEAN, Dorsey has supported many other blockchain projects with strong potential to benefit the crypto space.
The revised proposal allows the ETF to utilize both in-kind and cash mechanisms. The ETF plans to store Bitcoin in cold storage, with custody services provided by Coinbase Custody Trust.
Dan Tapiero also shared insights into his bullish Bitcoin price prediction emphasizing on the cryptocurrency’s role as a monetary network and immutable, distributed ledger.
The SEC website showed one memorandum with details of a discussion with BlackRock, and another one on a discussion with Grayscale.
In the midst of economic uncertainties, the crypto market, particularly Bitcoin, has experienced notable price movements.
Bitcoin has seen a positive trend over the past few weeks after dropping to a new all-time low last year due to the crypto winter that wiped billions of dollars from the industry.
HIVE has now added the location in Sweden to mining facilities in Canada and Iceland.
JPMorgan expects strong liquidation of the GBTC shares. Finance giant Ark Invest has already liquidated 700,000 shares over the last month.
Jim Cramer gave a sell call on Bitcoin last December when it was trading at $17,500. Cramer admits that he was wrong on his predictions as the BTC price surged 100% since then.
Popular trader Bitcoin Jack expressed doubt about BTC hitting $42,000, pointing out that the Binance and ETF news failed to significantly alter market dynamics