{"id":6686,"date":"2023-10-29T10:58:21","date_gmt":"2023-10-29T10:58:21","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/cantor-fitzgerald-grows-confident-heres-why\/"},"modified":"2023-10-29T10:58:22","modified_gmt":"2023-10-29T10:58:22","slug":"cantor-fitzgerald-grows-confident-heres-why","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=6686","title":{"rendered":"Cantor Fitzgerald Grows Confident \u2013\u00a0Here&#8217;s Why"},"content":{"rendered":"<div>\n<figure id=\"attachment_122369\" aria-describedby=\"caption-attachment-122369\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-122369\" class=\"wp-caption-text\">Source: AdobeStock\/24K-Production<\/figcaption><\/figure>\n<p>Analysts at financial services firm <strong>Cantor Fitzgerald<\/strong> believe the long-awaited spot Bitcoin ( BTC) exchange-traded fund (ETF) is inching closer to reality.<\/p>\n<p>The company, known for its prime brokerage and investment banking services, has grown confident in the approval of applications from asset managers seeking to launch a spot ETF for Bitcoin, as <span data-preserver-spaces=\"true\">reported<\/span> by Bloomberg News.<\/p>\n<p>The US Securities and Exchange Commission (SEC) has been hesitant to approve a spot bitcoin ETF due to concerns about potential manipulation on offshore spot platforms.<\/p>\n<p>However, Cantor Fitzgerald believes that the market surveillance procedures proposed by new applicants could address these worries and sway the SEC towards approval.<\/p>\n<p>The firm\u2019s analysts Josh Siegler and Will Carlson emphasized the importance of establishing a \u201ccomprehensive surveillance-sharing agreement with a regulated market of significant size\u201d to appease regulators.<\/p>\n<p>The approval of a spot ETF would have significant short-term implications for the price of bitcoin, according to Cantor Fitzgerald.<\/p>\n<p>They described it as a pivotal moment for the long-term adoption and legitimization of Bitcoin.<\/p>\n<p>The analysts consider the approval of a spot ETF as the most crucial short-term catalyst for the cryptocurrency market.<\/p>\n<p>The SEC has previously rejected several proposals for a spot ETF, citing concerns about the lack of information sharing among exchanges to prevent market manipulation.<\/p>\n<p>However, BlackRock, which submitted its proposal in June, has entered into an agreement with Coinbase to detect and address any irregularities in the market.\n<\/p>\n<h2>Bitcoin Price Surges Amid Optimism Around Spot Bitcoin ETF<\/h2>\n<p>\nThe anticipation of a spot ETF approval has led to a surge in Bitcoin\u2019s price in recent weeks.<\/p>\n<p>The cryptocurrency rallied towards $35,000 earlier this month, driven by market speculation surrounding the potential approval of a spot ETF.<\/p>\n<p>Meanwhile, crypto financial services platform <strong><span data-preserver-spaces=\"true\">Matrixport<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0<\/span><span data-preserver-spaces=\"true\">has predicted<\/span> a major Bitcoin rally if a spot ETF hits the market.<\/p>\n<p>Comparing this to the precious metals ETFs, which have a market cap of around $120 billion, assuming that 10-20% of precious metal ETF investors consider diversifying into a Bitcoin ETF as a hedge against monetary debasement and inflation, Matrixport said we could witness an inflow of $12 to $24 billion into the Bitcoin ETF.<\/p>\n<p>\u201cIf Tether\u2019s market cap increases by $24 billion, acting as a proxy for potential ETF inflows, Bitcoin\u2019s price would rise to $42,000, representing a conservative estimate.\u201d<\/p>\n<p>In another confirmation of the Bitcoin bull market, the leading cryptocurrency\u2019s market dominance <span data-preserver-spaces=\"true\">has reached 54%<\/span>, its highest level in more than two and a half years.<\/p>\n<p>The steady increase in Bitcoin dominance, starting from around 38% at the beginning of the year, comes amid its year-long rally, with the flagship cryptocurrency surging by 81% since the start of 2023.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/spot-bitcoin-etf-approval-cantor-fitzgerald-grows-confident-heres-why.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: AdobeStock\/24K-Production Analysts at financial services firm Cantor Fitzgerald believe the long-awaited spot Bitcoin ( BTC) exchange-traded fund (ETF) is inching closer&#8230;<\/p>\n","protected":false},"author":1,"featured_media":6687,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-6686","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cantor Fitzgerald Grows Confident \u2013\u00a0Here&#039;s Why | inFundPros<\/title>\n<meta name=\"description\" content=\"Source: AdobeStock\/24K-Production Analysts at financial services firm Cantor Fitzgerald believe the long-awaited spot Bitcoin ( BTC) exchange-traded fund\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=6686\" \/>\n<meta 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