Bitcoin Demand Rocketing as More Wall Street Bigwigs Apply for BTC ETF
The Bitcoin price has successfully swung from $50k, retesting $58k as price action on Mar 29 reveals. Accompanying the surge in trading volumes and prices is high demand for BTC and its derivatives, mainly the Bitcoin Exchange-Traded Funds (ETF). According to Lex Moskovski, the first ETF to be approved by Canadian regulators and now trading at the Toronto Stock Exchange (TSX) has no outflows as more investors pile in on the digital asset.
According to proponents, Bitcoin will underpin the next financial market. Because of its decentralization, self-auditing, and other attractive features making it a medium of exchange and store of value, BTC's valuation continues to rocket. Behind this is the foray from institutions and approval by regulators of BTC's derivatives. The slippery one has been a Bitcoin ETF. While Canada and Brazil approval, the U.S. is yet to greenlight one despite over ten applications over the years.
Impact on the BTC Price:
Bullish. Approval of any of the many applications, including from Fidelity and Goldman Sachs, would open the floodgates forinstitutional exposure of BTC. In return, the BTC/USD price would be repriced higher, towards $100k, a target permabulls say Bitcoin will breach in nine months.
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