Here's My Top Cryptocurrency to Buy in September
Bitcoin's recent legal victory and the possibility of approved spot Bitcoin ETFs from major financial firms like Blackrock and Fidelity could lead to increased adoption and price gains in September.
Topics
Posted 9/1/2023, 9:37:00 AM
fool.com
Relevant topic timeline:
Bitcoin and Ether both rose over 3% as the crypto market recovered from its losses last week, while alternative cryptocurrencies also saw gains; however, experts remain divided on the future of prices, with some predicting continued downtrend and others expecting a rebound.
Bitcoin and Ether rose over 3% to reach their highest prices in a week, while Solana, NEAR, Cardano, Polkadot, and Binance's altcoins also experienced gains, following a surge in traditional markets; however, experts predict that the downtrend in digital assets may continue for the next few weeks.
The cryptocurrency market is preparing for a potential larger financial event in September that could significantly impact Bitcoin, Ethereum, XRP, and the wider digital asset landscape.
Global investment giant BlackRock has positioned itself to benefit from the growing importance of digital assets, including Bitcoin, through its substantial stake in MicroStrategy, indicating a new phase of institutional adoption in the cryptocurrency market.
In July, capital inflows from venture capitalists in the crypto sector decreased by 10.26%, with $700 million raised, as macroeconomic conditions and geopolitical events continued to impact investment decisions, although some notable outliers, such as Polychain Capital and CoinFund, launched new funds totaling millions of dollars, and the potential approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S. could bring renewed attention and capital into the industry. Infrastructure and Web3 sectors received the most capital inflows, while overall investor activity in the blockchain industry remained low, suggesting a slow return to a steady upward trend.
Bitcoin and other cryptocurrencies are on the rise, driven by an optimistic market sentiment and positive earnings from Nvidia.
The influx of spot bitcoin ETF filings from institutional juggernauts like BlackRock and Fidelity is seen as a critical moment for Bitcoin's adoption, but a missed opportunity to focus on how a Lightning Network Fund could bring greater economic incentives to institutional participation in Bitcoin.
BlackRock, the world's largest asset manager, has filed a proposal to establish a Bitcoin exchange-traded fund (ETF), which could increase mainstream acceptance of Bitcoin investing and open up new investment opportunities if approved by the U.S. Securities and Exchange Commission (SEC).
A surge in global interest in acquiring Bitcoin has been observed, with Nigeria leading the way, as investors anticipate a potential rally driven by upcoming events in the crypto sphere and the approval possibility of the inaugural spot Bitcoin exchange-traded fund (ETF) by the SEC. Bitcoin's evolving role as a possible store of value is reflected in low exchange-held supplies, while technical analysis suggests a bearish sentiment but a potential reach of $26,500 and the $30,000 milestone.
The US Securities and Exchange Commission is seeing a surge in proposals for crypto ETFs, including spot bitcoin ETFs and ether futures ETFs, which could have significant impacts on the adoption of cryptocurrencies, market moves, and the potential outperformance of various tokens.
Bitcoin and other cryptocurrencies experience a surge in value as Grayscale Investments wins a court decision that increases the likelihood of a spot Bitcoin exchange-traded fund being approved.
Bitcoin needs a significant catalyst, such as BlackRock and other major players marketing Bitcoin in their documents, to break out of its range-bound ways and experience sustained growth, according to Jeff Dorman, Chief Investment Officer at Arca.
Bitcoin rallied after a U.S. court ruled against the SEC's denial of Grayscale's request to convert its bitcoin trust into an ETF, resulting in a surge in bitcoin prices and a significant increase in coins moved to centralized exchanges.
Bitcoin prices surged 7% as traders reacted to the potential approval of the Grayscale Bitcoin spot ETF by a federal appeals court, although cautious optimism remains as final decisions have yet to be made and trading volume in the digital asset market remains low.
The average trade size of Bitcoin on most exchanges increased significantly following a court ruling that the SEC must review its rejection of Grayscale Investments' attempt to convert the Grayscale Bitcoin Trust into an ETF, suggesting increased activity by large traders. Additionally, Bitcoin's price climbed over 7% as market confidence in a bitcoin spot ETF approval grew.
Bitcoin led the cryptocurrency market higher following Grayscale's victory in the lawsuit against the SEC, but analysts caution that the victory does not guarantee the approval of a spot Bitcoin ETF.
A federal appeals court ruling has opened the door for the launch of a spot Bitcoin exchange-traded fund (ETF), with a number of high-profile asset managers potentially being approved to enter the market, leading to increased competition and potential fee reduction for fund managers.
Bloomberg ETF analysts have increased the probability of an approved spot Bitcoin ETF by the end of 2023 to 75% following a recent Grayscale victory against the SEC, with approvals estimated to reach 95% by Q4 2024, making a denial politically untenable.
Bitcoin investors may face a turbulent September, but analysts suggest looking towards mid-October for potentially positive market movements.
Bitcoin could potentially experience a significant increase of 10% to 20% if a spot BTC exchange-traded fund (ETF) is approved in the United States, according to analyst DonAlt, who believes the chances of approval are close to 100%.
Former SEC chair Jay Clayton believes that the approval of spot Bitcoin exchange-traded funds (ETFs) is inevitable, as major financial institutions backing BTC investment vehicles represent a shift in how retail investors can access crypto. The SEC has 45 days to approve, deny, or delay ETF applications from 7 major firms.
Bitcoin's volatility has increased as the market reacts to news regarding the United States Securities and Exchange Commission's delay on Bitcoin exchange-traded fund (ETF) applications, with Bloomberg analysts remaining optimistic about the possibility of Bitcoin ETFs being approved in 2023.
Bitcoin's recent legal victories and temporary price surges should not be mistaken for long-term catalysts, as the approval of a spot ETF, liquid staking capabilities, and the upcoming halving event hold the key to sustainable price appreciation.
Bitcoin and crypto could experience significant growth in the next few months, with September expected to be a particularly eventful period, including the potential impact of U.S. bitcoin ETF filings and China declaring crypto as "legal property and protected by law."
Bitcoin is likely to experience a deep corrective move in September, with a potential drop of over 10% from current levels, according to crypto strategist Benjamin Cowen, who also suggests that the altcoin markets may see a resurgence next year due to a confluence of macro tailwinds.
Bitcoin may experience a bull market if a spot-based Bitcoin exchange-traded fund (ETF) is approved around the time of the next halving, leading to a supply and demand shock in the cryptocurrency market.
The recent court ruling regarding Grayscale Investments has brought the U.S. a step closer to having its first bitcoin exchange traded fund, leading to excitement and speculation in the cryptocurrency industry.
Analysts from crypto research firm K33 claim that the potential approval of a spot Bitcoin ETF is underestimated by the market, stating that it would attract significant inflows and increase buying pressure for Bitcoin, while a rejection would have a negligible impact on prices; they also predict that Ether is likely to outperform Bitcoin in the next two months.
BlackRock, a major asset manager, is accused of deliberately driving down the price of Bitcoin in order to establish a better buying position for their Spot Bitcoin Exchange-Traded Fund (ETF) if it is approved, according to analyst Crypto Rover. This highlights the influence of big players in the market and reminds retail investors to be more analytical.
A Bitcoin ETF is likely to be approved in the US by the end of 2023, with recent developments indicating increased prospects of approval, potentially revitalizing Bitcoin and lifting the crypto market out of its bearish state.
The global Bitcoin Depository market is expected to experience significant growth between 2023 and 2030, driven by increasing demand from enterprise and individual clients.
The market is underestimating the potential impact and value of Spot Bitcoin ETFs, with analysts arguing that approval would lead to significant financial inflows and buying pressure, and that it is a good time to enter the market and start building a crypto portfolio, despite regulatory challenges. Ethereum could also benefit from a futures-based ETF listing, but there is caution about the SEC potentially classifying ETH as a security. Overall, the global crypto adoption is dependent on market maturity, regulatory intervention, and consistent long-term adoption.
Bitcoin (BTC) reached new September highs as markets reacted positively to macroeconomic and crypto industry news, with the cryptocurrency trading at around $26,300, up 5.5% from its September lows; traders have expressed optimism about Bitcoin's recent performance and potential future breakout if a Bitcoin spot price ETF is approved by U.S. regulators in the coming months, while some remain cautious and predict a potential relief rally before a further decline in on-chain volume.
Bitcoin and major tokens experienced slight gains following concerns over the FTX court case ruling, with BTC rising 1.5% and Ether nearing $1,700; however, bearish sentiment remains among professional traders.
Bitcoin and other cryptocurrencies have seen a rise in price as traders anticipate a potential macroeconomic catalyst that could lead to a significant movement in the market.
Bitcoin is expected to mimic its previous rally and potentially see significant gains in the near future, according to crypto strategist Credible Crypto, who points to a bullish engulfing candle pattern and the defense of a key support level as positive signs for BTC's upward momentum.
The introduction of a bitcoin ETF could increase accessibility, liquidity, and institutional adoption, potentially stabilizing prices and attracting capital from mainstream investors, similar to the impact of gold ETFs on the gold market.
Ether (ETH) has experienced a modest increase in price in 2023, but it is still trading significantly below its peak in November 2021, raising questions among investors about the reasons behind the decline and potential catalysts for a reversal. The ongoing legal battle between Ripple and the SEC, as well as regulatory uncertainties surrounding the Ethereum ICO, remain sources of concern. However, positive surprises such as the request for a spot Ether ETF and Ethereum's position to benefit from Bitcoin-related catalysts give hope to investors.
The Federal Reserve's decision to maintain interest rates and raise its long-term forecast for the Federal Funds Rate surprised many market participants, causing a slight pullback in the stock and cryptocurrency markets while highlighting the need for investors to focus on the actual health and viability of companies and the utility of the crypto ecosystem. Additionally, the article speculates on the impact of the U.S. Securities and Exchange Commission's ruling on Bitcoin spot ETF applications and the potential for cryptocurrency to become a mainstream alternative investment.