Despite some cryptocurrencies losing steam following the pandemic, several have resisted the recent downtrend felt across the tech industry. Since mid-July of this year, the tech-heavy Nasdaq Composite has fallen by nearly 10.50%, while the price of Bitcoin has been able to escalate by 15.05% during the same period. The price of Bitcoin has now reached $34,421, a level not seen since May 2022. For the month of October alone, Bitcoin rallied 29% alongside a market downturn mostly due to recent federal rulings. In a settlement between the SEC and crypto asset manager Grayscale, the D.C. Circuit Court of Appeals was able to rule in favor of Grayscale introducing the first spot Bitcoin ETF on the exchanges. This potential ETF, which currently needs approval, will open the doors for millions of investors who prefer to invest through traditional and familiar routes like the stock exchanges.
Alongside the surges in Bitcoin and other cryptos, financial firm Bernstein recently released its two-year forecast for the crypto titan. By mid-2025, Bernstein estimates the price of Bitcoin could reach as high as $150,000 following the potential for Grayscale and other spot ETFs from Blackrock, Fidelity, and other asset managers. As Bernsetin seems to hold favorable expectations for crypto, there is no current guarantee that the SEC will approve a Bitcoin ETF. Despite the hopes for even higher prices for the most popular cryptocurrency, these levels are still far beneath its high of $69,000 in November 2021.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.