{"id":5649,"date":"2023-10-26T13:54:04","date_gmt":"2023-10-26T13:54:04","guid":{"rendered":"https:\/\/infundpros.com\/investment\/bitcoin-price-could-keep-rising-crypto-etf-hopes-arent-the-only-reason\/"},"modified":"2023-10-26T13:54:05","modified_gmt":"2023-10-26T13:54:05","slug":"bitcoin-price-could-keep-rising-crypto-etf-hopes-arent-the-only-reason","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=5649","title":{"rendered":"Bitcoin Price Could Keep Rising. Crypto ETF Hopes Aren\u2019t the Only Reason."},"content":{"rendered":"
\n
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<\/p>\n
<\/div>\n<\/figure><\/div>\n

\n Bitcoin
\n and other cryptocurrencies steadied on Wednesday, paring gains slightly on the back of a big rally. But analysts see further upside ahead for Bitcoin and not just because of the prospect that spot Bitcoin exchange-traded funds will soon launch.<\/p>\n

The price of Bitcoin has shed less than 1% over the past 24 hours to around $34,200, with the largest digital asset paring gains after briefly topping $35,000 on Tuesday\u2014its highest level since May 2022, when cryptos began to slide into a brutal bear market. Bitcoin remains up by some 30% in less than two weeks amid hopes that the Securities and Exchange Commission (SEC) will soon allow the first exchange-traded funds (ETFs) that hold Bitcoin to begin trading.<\/p>\n

\n

\u201cThe crypto market is attempting to settle at the previous day\u2019s highs,\u201d said Alex Kuptsikevich, an analyst at broker FxPro. \u201cHowever, the relative strength index on the daily timeframe is highly overbought, suggesting that short-term speculators should be looking for a corrective pullback. Looking at the longer term, the current setup for Bitcoin seems very promising for the bulls.\u201d<\/p>\n

While the prospect of SEC approval of spot Bitcoin ETFs\u2014which could catalyze a fresh wave of investor interest\u2014has been a key force behind crypto\u2019s better performance than the
\n Dow Jones Industrial Average
\n and
\n S&P 500,<\/span>
\n it isn\u2019t the only force.<\/p>\n

\u201cAs the broader stock market has struggled, Bitcoin has benefited and appreciated in value,\u201d said James Butterfill, head of research at digital asset investment manager CoinShares. Butterfill cited not only ETF optimism but also the fact that Bitcoin\u2019s correlation to the S&P 500 and
\n Nasdaq
\n stock indexes has faded while its link to gold prices has increased, in what could be a sign that traders see Bitcoin as a haven asset.<\/p>\n

\u201cThe correlation between gold and Bitcoin is now positive and has decoupled from the rest,\u201d said Butterfill. \u201cFurther solidifies the parallels between Bitcoin and gold in times where investors look for a flight to safety.\u201d<\/p>\n

Geopolitical risk amid new conflict in the Middle East has raised hackles among investors and seen traders flock into gold, long seen as a safe bet in times of turmoil that rock the stock market. Bitcoin could increasingly play this role, said Butterfill. While Bitcoin has long been dubbed \u201cdigital gold\u201d by its proponents, the largest crypto has not always performed as a haven asset, though its increasing link to gold could be a sign that this is changing, especially with respect to geopolitical risk.<\/p>\n

\u201cIn an analysis from 2015 onwards, Bitcoin has responded positively to increased geopolitical risk \u2026 an increase in geopolitical risk has led to positive 30-day returns for Bitcoin,\u201d said Butterfill. \u201cThe data is showing that in fact investors do turn to Bitcoin as a flight to safety.\u201d<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014lost 3% to $1,780. Smaller tokens or altcoins also fell back, with
\n Cardano
\n down 1% and
\n Polygon
\n slipping 3%. Memecoins were also in the red, with
\n Dogecoin
\n and
\n Shiba Inu
\n each shedding 3%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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