VanEck's Bold Crypto Predictions for 2024: Spotlight on Bitcoin ETF and Market Surge – Coinpedia Fintech News
VanEck, a prominent asset manager, has unveiled a series of intriguing crypto predictions for the coming year. With eyes set on Bitcoin and the much-awaited ETF, their crystal ball suggests an optimistic turn. The most anticipated highlight? A live spot Bitcoin ETF might just become a reality in the first quarter of 2024. Enthusiasts are echoing this sentiment, expecting the long-awaited ETF to make its grand debut.
ETF Impact: Billions in Play
The potential impact of this ETF on the ecosystem is staggering, with forecasts suggesting a gush of $2.4 billion into the crypto sphere within the first quarter alone. Even more ambitious projections from Galaxy Research hint at a whopping $14 billion influx within the first year. These forecasts hinge on the extensive Asset Under Management of applicants and their industry standing, totaling a whopping $48.3 trillion.
Beyond the ETF: Ethereum, Exchange Shifts, and Web3
But VanEck’s crystal ball extends beyond the Bitcoin ETF, delving into other facets of the Web3 world. It tempers expectations by forecasting that Ethereum won’t overthrow Bitcoin as some enthusiasts speculate. Additionally, it boldly predicts a shift in the throne of top exchanges, forecasting Binance’s potential slip from its leading position in daily trading volume.
Meanwhile, the SEC’s secret meetings with Grayscale, BlackRock, and ARK Invest about Bitcoin ETF approval are raising BTC growth forecasts. Notable names like 21Shares, CoinShares, Bitwise, Grayscale, and ProShares have experienced a staggering $346 million inflow into crypto funds. This influx stands as the market’s most substantial surge since the 2021 bull run.
Looking ahead, Bitcoin’s future, halving effect, and more…
In sync with this crypto craze, Bitcoin itself is on a tear, leaping nearly 6% in the past 24 hours, soaring to $41,700.15. The surge in Bitcoin’s price is attributed to multiple factors, including the imminent approval of the spot Bitcoin ETF and the Federal Reserve’s decision to pause interest rate hikes. On the flip side, Bitcoin’s price took a dip below $43,300, prompted by a surge in selling volume, causing the liquidation of long positions. This downturn indicates short-term bearish pressure, despite the token’s overall bullish long-term outlook.
VanEck’s predictions don’t stop there—it peers further into the future, suggesting that the upcoming Bitcoin halving won’t create much market turbulence. Instead, it paints a picture of post-halving growth, foreseeing Bitcoin hitting an all-time high in the fourth quarter of 2024. Whether these prophecies come true remains to be seen, but for now, the crypto world buzzes with anticipation.
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