Crypto ETF Approved: What Does It Mean for Gemini, Polygon, Gala, Crypto.com, Cardano, and AMP?

Exploring the European Union’s First Spot Bitcoin ETF

On Aug. 15, the first spot Bitcoin exchange-traded fund (ETF) approved in the European Union went live on the Euronext Amsterdam exchange. Despite the Guernsey regulator’s unconventional choice for its constitution, the fund’s listing on Euronext may have been a strategic move. However, the fund’s small 1 million euro launch and unfamiliar management cast doubt on its appeal.

U.S. Bitcoin ETF Landscape

The Securities and Exchange Commission (SEC) has once again delayed its decision on approving a spot Bitcoin (BTC) ETF in the United States, setting a potential deadline for early 2024. This repeated cycle of postponements reflects the challenges faced over the past decade. The SEC’s reluctance to endorse a spot crypto ETF reflects the lack of regulatory clarity in the U.S. cryptocurrency market.

Bitcoin Price Projections

According to Bitcoin investor Jesse Myers, reaching the $100,000 barrier is closely linked to the block subsidy halving in mid-2024. Myers challenges the efficient market hypothesis, suggesting that the market will take 12 to 18 months post-halving to fully understand the implications. This suggests that the Gemini Crypto, Tectonic Crypto, Polygon Crypto, Gala Crypto, Crypto.com, and Amp Crypto markets should be closely monitored in the coming months.

Cryptocurrency Market and Predictions

Pechman expresses his doubts about predicting the market, recognizing the many factors that can affect Bitcoin’s trajectory, such as Federal Reserve decisions, banking liquidity, economic conditions and unforeseen events.

Returning to the main drivers of Bitcoin’s value, Pechman believes that the abundance of fiat currency and government debt could push Bitcoin’s price to over $100,000, although the real-world purchasing power of that sum could be reduced due to inflation.

To learn more about the cryptocurrency market, check out The Market Reporton the newCointelegraph Markets & Research YouTube channel. Don’t forget to hit “Like” and “Subscribe” to stay up-to-date with all our latest content, including Gemini Crypto, Tectonic Crypto, Polygon Crypto, Gala Crypto, Crypto.com Today, Crypto Cardano, AMP Crypto and Genesis Crypto.