“This movement has been driven by the possible approval of the first bitcoin ETF in the US by the SEC, and Blackrock and Fidelity investments are pushing hard and competing to be able to offer these funds to their investors, which demonstrates confidence on the part of traditional investors, marking a strong change in the ideologies that they themselves had about this asset,” said Eduardo Ramos, market analyst at DVL Trading.
On the other hand, OANDA analyst Edward Moya said that today’s rally that took prices to a months-high is not due to bitcoin ETF spot optimism, but rather a significant reversal in the dollar and yield. of 10-year Treasury bonds. He added that bitcoin could continue to rise if investors continue to expect risk appetite to prefer risk assets over Treasuries.
“There is still a risk that investors will prefer stocks over cryptocurrencies. As long as the Federal Reserve ends this hiking cycle and hopes for a soft landing persist, that should be a positive backdrop for bitcoin,” Moya added. .
With information from Reuters