In the ever-evolving realm of cryptocurrency, Bitcoin’s price dynamics remain a focal point for investors and market analysts. Currently trading at $41,001, Bitcoin has seen a decrease of over 2% as of Wednesday, reflecting a phase of volatility, particularly as the market anticipates the upcoming Federal Open Market Committee (FOMC) meeting.
Adding to the intrigue, the founder of Skybridge has made a bold proclamation, asserting Bitcoin’s potential as a multi-trillion dollar asset and expressing confidence in a change of stance from notable skeptic Jamie Dimon.
In a parallel development, financial giant BlackRock has updated its spot Bitcoin ETF, a move aimed at simplifying access for banks and potentially broadening institutional engagement in the cryptocurrency space. These developments collectively paint a picture of a market at a crossroads, awaiting critical economic indicators and grappling with evolving institutional attitudes towards Bitcoin.
Bitcoin Struggles to Maintain $40,000 Ahead of FOMC Meeting
Amid heightened volatility, Bitcoin (BTC) hovers just above the $40,000 mark in anticipation of the Federal Open Market Committee (FOMC) meeting scheduled for December 13. A significant 40% decrease in trading volume within a single day suggests growing investor caution.
While most analysts anticipate the Fed will maintain its current target rate range of 5.25%–5.50%, there’s a possibility of an increase to 5.50%–5.75%, potentially reducing confidence from 99.8% to 97.1%.
🚨🇺🇸 BULLS & BEARS WAITING FOR JEROME POWELLS #FOMC SPEECH. #BITCOIN pic.twitter.com/T4vbR44cNg
— Crypto Macro (@cryptomacro14) December 12, 2023
The FOMC’s decision is crucial; an interest rate hike could dampen Bitcoin’s price, whereas maintaining the rate might boost demand and drive up its value. This scenario underscores the market’s sensitivity to macroeconomic factors and the influence of central bank decisions on cryptocurrency dynamics.
Skybridge Founder Predicts Bitcoin’s Multi-Trillion Value, Awaits Dimon’s Shift
Anthony Scaramucci, founder of Skybridge Capital, envisions a multi-trillion dollar future for Bitcoin. He remains confident about its growth prospects, irrespective of the U.S. Securities and Exchange Commission’s (SEC) decisions on a potential spot Bitcoin exchange-traded fund (ETF). Scaramucci anticipates that ETF approvals could occur as early as January, underscoring Bitcoin’s significance as digital gold and a store of value. He sets an ambitious price target of $100,000 per coin within the next two years.
SkyBridge Founder and Managing Partner Anthony Scaramucci joined BNN Bloomberg to discuss his Bitcoin forecast and more.
Watch our full interview here: https://t.co/YrL4cRx9RN pic.twitter.com/CHUdjyl3YR
— Bloomberg Crypto (@crypto) December 12, 2023
Aligning with other industry experts, he foresees Bitcoin’s market value potentially soaring to $3.5 to $4 trillion, rivaling that of gold. Addressing JPMorgan CEO Jamie Dimon’s skepticism about cryptocurrencies, Scaramucci expects regulatory perspectives to evolve.
He emphasizes Bitcoin’s role in aiding the unbanked and urges Senator Elizabeth Warren to reconsider her stance. Scaramucci’s bullish outlook on Bitcoin and its growing institutional acceptance could positively influence the cryptocurrency’s value, bolstering investor confidence.
BlackRock Simplifies Bank Access to Bitcoin ETF
BlackRock has revised its spot Bitcoin exchange-traded fund (ETF) application, introducing a ‘prepay’ in-kind redemption method to facilitate easier participation by large institutions like JPMorgan and Goldman Sachs. This innovative approach circumvents regulations that prevent banks from directly holding Bitcoin, allowing authorized participants to use cash rather than cryptocurrency to create new ETF shares.
Discussed in a meeting with the SEC, the updated ETF structure aims to enhance investor protections and bolster resilience against market manipulation.
🔥 Big Move by BlackRock: Revised Bitcoin ETF to Ease Bank Access! 🏦 #Bitcoin #Crypto
🌟 BlackRock’s new ETF model lets Wall Street banks like JPMorgan invest in Bitcoin with cash, not crypto. A game-changer for heavily regulated banks!
📆 SEC decision on this innovative… pic.twitter.com/TlcBadbc7F— SAI.TECH (@SAI2TECH) December 13, 2023
BlackRock’s initiative to streamline the Bitcoin ETF market is poised to attract major Wall Street banks with trillion-dollar balance sheets, aligning with growing anticipation of increased institutional engagement. Such involvement could positively impact Bitcoin’s value as adoption broadens. The SEC’s decision on BlackRock’s application is due by January 15.
Bitcoin Price Prediction
Top 15 Cryptocurrencies to Watch in 2023
Stay up-to-date with the world of digital assets by exploring our handpicked collection of the best 15 alternative cryptocurrencies and ICO projects to keep an eye on in 2023. Our list has been curated by professionals from Industry Talk and Cryptonews, ensuring expert advice and critical insights for your cryptocurrency investments.
Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed.
Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.
This news is republished from another source. You can check the original article here
