Spot Bitcoin ETF approved, but not in the US

In the latest occurrence of Cointelegraph’s The Market Report, expert Marcel Pechman discusses the archetypal spot Bitcoin exchange-traded money (ETF) approved successful the European Union, which went unrecorded connected the Euronext Amsterdam speech connected Aug. 15. Despite the seemingly unconventional prime of the Guernsey regulator for its constitution, the fund’s listing connected Euronext suggests a strategical maneuver, though its meager 1 cardinal euro motorboat and unfamiliar absorption casts a shadiness implicit its appeal.

Moving on, Pechman shifts absorption to the United States Bitcoin ETF landscape, wherever the Securities and Exchange Commission (SEC) has erstwhile again delayed its determination connected approving a spot Bitcoin (BTC) ETF, mounting a imaginable deadline for aboriginal 2024. This recurrent rhythm of postponements echoes the challenges faced implicit the past decade.

The deficiency of regulatory clarity successful the U.S. cryptocurrency marketplace underscores the SEC’s reluctance to endorse a spot crypto ETF.

Pechman besides discusses Bitcoin’s terms trajectory. According to Bitcoin capitalist Jesse Myers, breaking the $100,000 barrier is intricately tied to the artifact subsidy halving successful mid-2024. Myers challenges the businesslike marketplace hypothesis, positing that the marketplace volition instrumentality 12 to 18 months post-halving to afloat assimilate the implications.

Pechman conveys skepticism astir predicting marketplace outcomes, acknowledging galore factors that tin sway Bitcoin’s trajectory, including Federal Reserve decisions, banking liquidity, economical conditions and unforeseen events.

Pechman concludes by circling backmost to the superior drivers of Bitcoin’s value: the abundance of fiat currency and authorities debt. He foresees Bitcoin surpassing $100,000, but the real-world purchasing powerfulness of that sum mightiness beryllium diminished owed to inflation.

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