A Bloomberg analyst pointed out what puts the US ahead of Europe in terms of adoption. Hint, it has something to do with BTC ETFs.
Bitcoin’s price has basically been on pause since mid-June, as the asset trades range-bound since then. The exchange rate of BTC to USD remained above $29,000, with resistance at $30,000. It’s as if markets are waiting on the SEC’s spot Bitcoin ETF approvals.bitcoin’s price stability touched five-year historic lows at the beginning of August. Weirdly, BTC was even less volatile than U.S. stocks briefly this month.
But with each new application for a spot Bitcoin ETF, there’s more bullish pressure on BTC’s chart. Institutional investors are wetting their whistle for blockchain exposure via an ETF product they can understand, with a Tradfi partner they can trust.is long and growing. When the first approval comes, market watchers are expecting a big upswing in exchange prices.
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