Home
News
- 1 Mike McGlone warned crypto enthusiasts that Bitcoin might fall despite the BlackRock ETF application.
- 2 At press time, BTC was trading at $30,725.27 with a trading volume of $13 Billion.
Following the news of Blackrock’s Bitcoin ETF application, Bitcoin (BTC) price surged over 10% in a 72-hours trading session. Other than BlackRock, several other asset managers filed their applications under SEC.
However, the United States Securities and Exchange Commission (SEC) took strong action against Coinbase and another leading cryptocurrency exchange affecting prices of dozens of tokens and coins, including BTC, Ethereum, Dogecoin, Shiba Inu, and Pepecoin.
For the past few years, the SEC has been going after the digital asset industry with lawsuits; several crypto and digital asset service companies have wrapped up operations in the US and are looking to other countries to set up shop.
On Friday, June 23, a senior strategist at Bloomberg, Mike McGlone, warned crypto enthusiasts that Bitcoin could slide further, despite BlackRock’s recent presentation of a Bitcoin exchange-traded fund (ETF), boosting the price of BTC.
McGlone clarified that introducing Bitcoin ETFs won’t protect the cryptocurrency from major challenges ahead. He warned that while the introduction of physical Bitcoin ETFs in the US is seen as inevitable, BlackRock’s application, which has sped up the process, might not result in an actual launch in 2023.
According to McGlone, despite the Fed’s decision to stop raising rates, the “liquidity rug-pull” will likely continue in June, with most central banks continuing to tighten, adding to the pressure on risky assets. Despite McGlone’s warnings, other experts believe that Bitcoin has already reached its bottom and the bull market is set to continue.
According to CoinMarketCap, at press time, BTC was trading at $30,725.27 with a trading volume of $13 Billion. In the past 24 hours, trading volume of BTC slipped over 46.06%. On June 25, overall crypto market capitalization surged 0.66% and reached 1.2 Trillion.
BTC Price by the End of 2023
Market analysts have wide-ranging opinions – some say the price will surge, while others believe it might fall below $20000. As per analysts for exchanges, the price will jump upwards as no barriers hinder its expansion.
Others believe that BlackRock’s decision to file an ETF application will not support BTC prices in the long run. Earlier this month, BTC prices fell below the $25k mark for the first time after December 2022.
The global investment manager, Invesco, with $1.4 Trillion assets under management, has applied for the Bitcoin ETF after failing to receive approval earlier. It applied for the first Bitcoin ETF in 2021 in collaboration with Galaxy Digital.
Spot Bitcoin ETFs took a lot of work to get approval from the SEC. Only today, every request or application for such offerings got the green signal from the financial regulator. Grayscale Investment filed a lawsuit against the SEC after its application was rejected.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
