Technology

History suggests Bitcoin taps $330K, crypto ETF odds hit 90%: Hodler’s Digest, June 15 – 21

Posted on by Minakshi

Bitcoin Price Could Soar to ₹2.7 Crore, Say Analysts; Crypto ETF Approval Odds Reach Near Certainty

Bitcoin Bulls Eye a Whopping $330K Target

Could Bitcoin reach a staggering ₹2.7 Crore (approximately $330,000)? Some analysts believe historical trends suggest exactly that. While the cryptocurrency market remains volatile, long-term projections continue to fuel excitement amongst Indian investors.

US Crypto ETF Approval Imminent? Odds Hit 90%

The possibility of a wave of US crypto Exchange Traded Funds (ETFs) being approved is looking increasingly likely. Experts suggest this could be a turning point for the cryptocurrency market, potentially opening it up to a wider range of investors and boosting confidence in the digital asset class.

  • Analysts at Bloomberg have raised their approval odds to 90% or higher, citing “very positive engagement” from the US Securities and Exchange Commission (SEC).

SEC’s Shifting Stance on Crypto

This potential approval wave signifies a significant shift in the SEC’s approach to cryptocurrencies. Many believe that the SEC may be viewing cryptocurrencies such as Litecoin, Solana, XRP, and Dogecoin as commodities. This designation, if confirmed, would have major implications for regulation and market access.

This is welcome news for the Indian crypto community, which has been closely watching developments in the US market. ETF approvals could pave the way for similar products in India, potentially offering new investment avenues for Indian investors.

Summary:

  • Analysts predict Bitcoin price could reach ₹2.7 Crore based on historical trends.
  • Odds of US crypto ETF approval have soared to 90%, signalling a possible shift in SEC’s stance.
  • The SEC may be considering certain cryptocurrencies as commodities.
Key Takeaways:

  • A US Bitcoin ETF approval could legitimise and expand the crypto market in India.
  • Increased institutional interest may lead to greater price stability and maturity for Bitcoin.
  • Treat any cryptocurrency investment with caution and research thoroughly.
  • If approved, Litecoin, Solana, XRP, and Dogecoin could gain increased regulatory clarity.