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Peter Davis

An writer at FOMOdrive

  • Jul 13, 2023
  • 3 min read

Bloomberg allowed Bitcoin to rise to $1.5 million

Gold metal Bitcoin BTC coins with financial chart on back

If the US Bitcoin ETF is approved, $30 trillion will be made available to the market.

Tim Draper reaffirmed his daring forecast of $250,000 for Bitcoin.

The challenge of extracting BTC has reached its highest point ever.

Since the start of the year, Bitcoin has been declared dead seven times.

Santiment has noted that there is currently no planned Bitcoin rally.

The complexity of Bitcoin mining has once again hit a new historical high, reaching 53.91 T. Additionally, the average hashrate in the network of the first cryptocurrency has also reached a record high of 397.39 EH/s.

Santiment has observed that the exchange balances of Tether (USDT) and USD Coin (USDC) have not yet indicated that investors are getting ready for a Bitcoin rally. However, an increase in liquidity in stablecoins could be a sign that investors are interested in purchasing cryptocurrencies.

Tim Draper, a renowned venture investor, has reaffirmed his ambitious prediction of a $250,000 Bitcoin price. He believes that this could be achieved by 2025, although it may take a few more years. He expressed his surprise at the "pressure and aggression" from American authorities towards crypto companies and exchanges, which has had a detrimental effect on the value of Bitcoin.

Eric Balciunas, a Bloomberg analyst, suggested that if BlackRock's application to launch a spot bitcoin ETF is approved, $30 trillion could flow into the first cryptocurrency. He explained that this estimate is based on the number of asset managers and financial advisors who would be interested in investing in BTC. A simple calculation reveals that if this were to happen, the capitalization of BTC would increase by 50 times and the price would soar to $1.5 million.

Despite the success of Bitcoin, Crypto skeptics remain unconvinced and continue to label it a "dead asset". According to 99bitcoins, since the start of the year, Bitcoin has been declared "dead" a total of 474 times. These "obituaries" have cited reasons such as insolvency, uselessness, and sudden death of the cryptocurrency.

In the second quarter of this year, the volume of spot trading on the top 20 crypto exchanges decreased by 36%, amounting to $1.66 trillion, as calculated by CoinMarketCap. Binance had the largest share, at 60%, with the top 5 platforms accounting for approximately 85%. Additionally, the total volume of trading on decentralized exchanges (DEX) decreased by 24% in April-June, to $189 billion.

The European Banking Authority (EBA) has released "guidelines" for stablecoin issuers as part of the MiCA regulatory framework. Although the recommendations for issuers are currently voluntary, investor protection cannot be assured until the law is enacted.

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