Bitcoin Price: The price of Bitcoin, the world’s largest cryptocurrency, has been seeing continuous growth. Earlier this week, it even crossed the $50,000 mark. However, currently, Bitcoin is hovering around $49,487. Many experts speculate that Bitcoin could continue to rise in the near future.
What’s driving this surge in Bitcoin Pric?
A major reason behind the surge in Bitcoin is the approval of Bitcoin ETFs (Exchange-Traded Funds) in the United States. Analyst Matteo Greco from fintech investment firm Finkeya International mentioned in a research note that the introduction of ETFs could increase the flow into Bitcoin.
How much inflow can ETFs bring?
According to analysts at Bernstein, the flow of new ETFs could surpass $10 billion in 2024. Meanwhile, analysts at Standard Chartered suggest that ETF inflow could range from $50 billion to $100 billion in the coming year alone. Other analysts predict that ETF inflow could reach $55 billion over the next five years. The decision on pending applications for seven Bitcoin ETFs by the U.S. market regulator SEC is expected in May, and approval could lead to an increase in inflow into Bitcoin ETFs.
What about the volatility in Bitcoin?
Bitcoin has witnessed considerable volatility in recent years. In 2021, its price reached an all-time high of $68,789 before experiencing a decline of nearly 64% in 2022. Currently, it is fluctuating around $50,000, significantly below its all-time high of around $19,000.
So, as Bitcoin continues to grab headlines, its future trajectory remains uncertain, with factors like regulatory decisions and market trends playing crucial roles.