Skip to content Skip to sidebar Skip to footer

Note: This is a personal opinion piece of our editorial team that has been covering the Web3 and crypto market since 2018. Nothing in this article is meant as financial advice in any form or manner.

Ever since BlackRock announced its intention to list a Bitcoin ETF, the crypto market has received its jolt of enthusiasm and perhaps a mild sense of hubris. After all, BlackRock is not your ordinary money manager. It is a multi-TRILLION dollar asset management company. Its corporate moves and investment endeavours are always closely scrutinised. The SEC don’t just get to say a NO to BlackRock and walk away.

BlackRock’s application for a BTC ETF reminds us of a nail hammered hard into a crack line that has emerged since the first Bitcoin ETF application was filed. The dam may finally break.

So, what’s the big deal with a Bitcoin ETF? Well, essentially, any one can now buy Bitcoin without having to worry about wallet security or having to go through the hurdle of on-ramping fiat-to-stablecoin. In an instant, any one can just call up his or her broker or banker to buy Bitcoin with cash in the bank. Companies around the world will also have easy access to this new asset class.

With Bitcoin’s limited supply of 21 million bitcoins, simple economic theory would suggest the price of BTC will skyrocket once the gate has been opened to the masses.

Now, will the U.S. SEC really approve a Bitcoin ETF? We guess it depends on the interplay of politics and corporate manoeuvring and as of now, the corporate world seems to have an upper hand.

Bitcoin started its upward bullish trend since mid October. This has been followed by thematic upswing of other crypto asset classes such as games, infrastructure, meme and others. A rising tide lifts all boats, right? Is this another fake-out? Highly unlikely. The current upswing has been in play for close to a month. This is one of the longest upswing since November 2021 (the peak of crypto), with a continuous 4 x weekly candlesticks in the green. More importantly, it has broken resistance line.

All previous bull runs have been precipitated by at least 4 weekly green candlesticks. We certainly hope this time round, it will not be an exception.

Is this the real bull run? So far, it does looks like the real deal.

But, only time will tell.

Leave a comment

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain & crypto news provider, covering daily news focused on trading and investment developments in bitcoin and crypto. We bring you expansive crypto news coverage around the world. We offer many thought leadership opinions from blockchain experts and leaders of the industry.

Subscribe to SCN

© Copyright of Novum Global Consultancy Pte Ltd {2020-2023}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in blockchain, crypto, Web3, fintech and technology.

Follow Us On

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us