All eyes are on Bitcoin!
Fresh prices around $73,000 might justify the hype you’re hearing in the crypto market. Bitcoin, alone, reached a market share larger than that of physical silver. If you like to collect metal coins, consider trading them in for a few digital currencies. 2024 is the year of crypto.
Though Bitcoin, the grandfather of crypto, needs ten times more per coin to challenge gold, it’s safe to say that digital is now a medium of exchange.
At just $72,000 or above it, Bitcoin will hold its value over silver in 2024. The industry belief, which comes from leading analysts, projects that Bitcoin will hit around $150,000, but only time will tell.
A New Surprise From the UK Market
Bankers and institutional investors have been considered as the money behind Bitcoin’s recent push.
The reason being are ETFs. As ETFs in the US market explode, the cash and liquidity are now provoking investors from the United Kingdom too. In similar fashion as “exchange-traded funds” provide US investors access to crypto, ETNs or “exchange-traded notes” do so in the UK.
Both ETFs and ETNs are contract derivatives, being based on the price of a stock or commodity, which is crypto in this case. Without getting complicated, ETNs and ETFs give big, institutional investors a way of investing in crypto without owning any crypto. It’s perfectly legal.
In past weeks, Bitcoin was pushed by this “wealth transfer.” Initially, the BTC rally started with ETFs, and now, similar products are expected to appear in the United Kingdom. Having this expectation looming, investors are tied between an immediate entry and waiting on more news.
With Events Following a US Rally
With the Financial Conduct Authority accepting the sale of “ETNs,” we can’t help but consider how the timing couldn’t be better. Given that the U.S. market has tested ETFs, investors have a strong angle if they want to push a similar advance in Europe. No one can tell what the future price of BTC will be, but signs show more money entering the pool.
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The Spot Price of Bitcoin!
Likely the biggest news in the market now is the “wow” price of Bitcoin. Over two months, we’ve only seen higher bids for this crypto. Right now, $72,000 is what spectators are seeing. As recent as February 10, bitcoin traded at $48,000. It’s now eying $80,000 and $100,000 with a clean shot to get to either. We also see heavy consolidations on one-hour charts.
Though the UK has ruled that their ETNs are not for retail investors, there should be a big push from the institutional investments still. We’ll have to see how the exclusion of retail traders affect the market and what future legislation the Eurozone will deploy.
If retail investors can’t access Europe’s ETNs, a later acceptance is still likely to bring volatility in the market and prices set for potential moves. You can check Binance prices for BTC to confirm and learn about the Binance exchange here.
