Crypto Breaks $2.5 Trillion As Bulls Predict A ‘Ludicrously Strong’ Bitcoin And Ethereum Price Rally

Bitcoin and cryptocurrency prices rose this week as U.S. regulators. raising expectations that Bitcoin exchange-traded futures (ETFs) will turn green.

Bitcoin price hit $60,000 for bitcoin, hit nearly $63,000 yesterday, and then dropped slightly, with the overall cryptocurrency market hitting $2.5 trillion and peaking in May. Ricefield.

As Bitcoin, Ethereum and other major cryptocurrencies rise, crypto traders expect a “very strong” recovery by the end of 2021.

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“Bitcoin, Ethereum, and the broader crypto market could become very strong in the fourth quarter and hit record highs in 2022,” said Bitcoin Center NYC creator. That’s what co-founder Nick Spanos said. It said in an email comment on the decentralized network.

The bitcoin and cryptocurrency markets were revealed in the news this week. The US Securities and Exchange Commission is finally preparing for approval of the long-awaited Bitcoin futures ETF. With the introduction of the Bitcoin ETF, it is believed that more money will flow into the crypto market.

Simon Peters, a crypto asset analyst at investment platform eToro, commented in an email. “[yesterday’s] jump appeared to be due to increased investor confidence that US regulators would approve issuance of ETFs under Bitcoin futures, but a net inflow of institutional Bitcoin investors over the course of weeks. It is then expected to increase by more than $60,000 over time, increasing bitcoin’s transition from investors, short-term holders to long-term holders, and the subsequent pressure on bitcoin supply. ”

Meanwhile, others point out that big investors are holding more bitcoins, resulting in a decrease in supply.

“The number of investors entering the market continues to increase, and the number of Kraken account applications has continued to increase every month since the summer,” said Kraken, a cryptocurrency exchange for money in Europe, the Middle East and Africa. Curtis Ting, director of Jing, said. It said in a statement. “This is in line with the ongoing evaporation of bitcoin supply in the market.

As Kraken Intelligence noted in a report last month, the number of bitcoins held by the whale is the total number of bitcoins shipped. A record 11.88 million, more than half of the September total. $60,000 as a Bitcoin ETF could revitalize the investment community and bring more money to the digital asset class. The increase is more than likely the result of steadily declining supply to meet growing demand. ”