Ethereum

Bitcoin

Spot

One analyst projects Bitcoin to rise to $100,000 in the second half of the year, while the outlook for the spot Ethereum ETF is not as optimistic.
A macroeconomist under the pseudonym Luxon <a href="https://wublock.substack.com/p/interview-with-macro-analyst-luxon" target="_blank" rel="noopener noreferrer nofollow">shared</a> expectations similar to those of journalist Colin Wu. The expert added that American investment giants could invest 1-3% of their assets under management (AUM) in Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>). This is due to the postponement of the Federal Reserve’s rate reduction from May to June or later and the gradual implementation of institutional plans to invest in BTC.
The specialist acknowledged the underestimation of the enthusiasm for spot Bitcoin <a href="https://crypto.news/tag/etf/" rel="noopener noreferrer nofollow">ETFs</a>, leading to an all-time high update before the impending halving next month. Luxon called the nature of the positive dynamics “surprising” in the context of tight monetary policy and the postponement of the start of its easing to a later date.
You might also like: <a href="https://crypto.news/bitcoin-price-prediction-btc-new-high/" rel="noopener noreferrer nofollow"> Bitcoin surge 2024: factors driving record highs and future predictions </a>
The expert also predicted that Bitcoin will maintain its leadership in the cryptocurrency market. Luxon justified its view with skepticism regarding the <a href="https://crypto.news/tag/sec/" target="_blank" rel="noopener noreferrer nofollow">SEC</a>‘s approval of an <a href="https://crypto.news/tag/Ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> ETF.
The macroeconomist recalled the regulator’s investigation into the proof-of-stake (PoS) mechanism in the context of security and price manipulation. Another obstacle may be the department’s interpretation of an asset as a security.
<blockquote class="wp-block-quote">
 “The prospects for an Ethereum spot ETF are not very optimistic, therefore, it might be a bullish market solely for Bitcoin.” <cite>Luxon, macroeconomist</cite>
</blockquote>
The specialist should have included the rotation of capital from Ethereum to <a href="https://crypto.news/tag/Polygon/" target="_blank" rel="noopener noreferrer nofollow">Polygon</a> and <a href="https://crypto.news/tag/Solana/" target="_blank" rel="noopener noreferrer nofollow">Solana</a> in the absence of ETFs for the former and an increase in the number of developers of the latter.
In related news, Bloomberg ETF analysts previously <a href="https://crypto.news/bloomberg-ethereum-etf-approval-may/" target="_blank" rel="noopener noreferrer nofollow">lowered</a> the odds of spot Ethereum ETF approval in May to 35%, with no set prediction of when approval on ETH ETFs may come.
You might also like: <a href="https://crypto.news/spot-ethereum-etf-issuers-sec-march/" rel="noopener noreferrer nofollow"> Spot Ethereum ETF issuers to meet with SEC in March </a>

Macroeconomist: Bitcoin to hit $100k amid spot Ethereum ETF postponement

crypto.news

Other articles published on Mar 13, 2024

Galaxy Digital CEO Sees No Major Bitcoin Correction Ahead

Memeinator Raise Passes $6.5M as Presale Nears Final Stage

Was It Necessary to Change the IP Law on NFT? USPTO Discusses

Bitcoin Layer 2 Conference 2024 Unveils First Look at All-Star Speakers (13 Mar)

Google initiates net zero drive: seeking AI carbon reduction leader

Kelexo (KLXO) Sees Avalanche (AVAX) & Ripple (XRP) Holders Rush Crypto Lending Revolution: 50X Pr...

Join our free newsletter for daily crypto updates!