Bitcoin Price Projection and Ethereum ETF Outlook

An analyst predicts that Bitcoin could reach $100,000 in the latter half of the year, while the future of a spot Ethereum ETF appears less optimistic.

Luxon, a macroeconomist, shares similar expectations to journalist Colin Wu. Luxon suggests that major American investment firms may allocate 1-3% of their assets under management to Bitcoin due to the delay in the Federal Reserve’s interest rate reduction and institutional plans to invest in BTC.

Luxon notes the unexpected enthusiasm for Bitcoin ETFs, leading to an all-time high update before the upcoming halving. Despite tight monetary policies, Luxon finds the positive dynamics surprising.

In terms of the cryptocurrency market, Luxon believes that Bitcoin will continue to dominate. Luxon cites skepticism about the SEC’s approval of an Ethereum ETF, highlighting concerns about security and price manipulation related to the proof-of-stake mechanism.

Luxon also mentions the possibility of capital shifting from Ethereum to Polygon and Solana in the absence of an ETF for Ethereum and the increasing number of developers on the latter platforms.

Bloomberg’s ETF analysts have reduced the likelihood of a spot Ethereum ETF approval in May to 35%, with no clear timeline for when approval may be granted.

For more insights and updates on the cryptocurrency market, visit Global Crypto News.

Post Views: 2