In the newest episode of Cointelegraph’s The Market Report, analyst Marcel Pechman discusses the first spot Bitcoin exchange-traded fund (ETF) authorized in the European Union, which went stay on the Euronext Amsterdam trade on Aug. 15. Despite the seemingly unconventional alternative of the Guernsey regulator for its structure, the fund’s itemizing on Euronext suggests a strategic maneuver, although its meager 1 million euro launch and unfamiliar administration casts a shadow over its attraction.
Moving on, Pechman shifts focus to the United States Bitcoin ETF landscape, the place the Securities and Exchange Commission (SEC) has as soon as once more delayed its choice on approving a spot Bitcoin (BTC) ETF, setting a possible deadline for early 2024. This recurrent cycle of postponements echoes the challenges confronted over the previous decade.
The lack of regulatory readability in the U.S. cryptocurrency market underscores the SEC’s reluctance to endorse a spot crypto ETF.
Pechman additionally discusses Bitcoin’s worth trajectory. According to Bitcoin investor Jesse Myers, breaking the $100,000 barrier is intricately tied to the block subsidy halving in mid-2024. Myers challenges the environment friendly market speculation, positing that the market will take 12 to 18 months post-halving to totally assimilate the implications.
Pechman conveys skepticism about predicting market outcomes, acknowledging many elements that may sway Bitcoin’s trajectory, together with Federal Reserve choices, banking liquidity, financial situations and unexpected occasions.
Pechman concludes by circling again to the major drivers of Bitcoin’s worth: the abundance of fiat forex and authorities debt. He foresees Bitcoin surpassing $100,000, but the real-world buying energy of that sum could be diminished on account of inflation.
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