The price of Bitcoin experienced a moment of stasis on the 16th of October as the crypto market kept digesting the approval of the ETF in the country. According to data received from TradingView and Cointelegraph Markets Pro, it was discovered that the BTC/USD exchange settled on a price of $61,500 on Saturday- which was up by 4% in 24 hours. The pair has also climbed to a price of $62,940 hours after Wall Street opened on Friday when news came about regulators green-lighting two of the applications of the ETF after a few years of failed applications.
Bitcoin Price Trying To Remain Constant
These ETFs will have the futures of Bitcoin as the underlying asset rather than the cryptocurrency itself. This would come up with the Securities and Exchange Commission set to decide the fate of physical ETFs from next month. ETFs based on the futures have had a mixed reception- with multiple opinions varying pretty widely on their impact on the market as well as the overall effect on the price action of BTC.
QCP Capital, a crypto trading firm, has stated that they are not yet sure if the ETFs based on the futures will be able to bring about enough new money in order to trigger a move that would be exponentially higher than the one that the entire crypto industry saw in Q4 2020. They have been further expecting inflow from investors who have been meaning to switch out of Gold ETFs into Bitcoin. However, with the price of BTC above 60k, the market cap is above $1.1 trillion.
As reported by Cointelegraph, the outlook for the rest of the year has definitely remained pretty rosy in the eyes of analysts, with Bitcoin tipping to reach anywhere near $300,000. A subsequent bearish phase, even on a scale that is quite macro, will also have a floor no less than $47,000- as stated by data recorded from the industry.