Bitcoin (BTC) Price Rallies Towards $30,000 Amid Rising Spot ETF Application Approval and PayPal Stablecoin Optimism
Bitcoin (BTC) is approaching a retest of the psychologically important $30,000 amid a fresh wave of optimism about the likelihood of near-term spot bitcoin Exchange Traded Fund (ETF) application approvals, as well as optimism about crypto’s broader adoption.
The world’s first and largest digital asset by market capitalization was last up around 2.5% and on course for its best one-day performance since mid-July.
According to Bloomberg’s Eric Balchunas, influential crypto billionaire and CEO of Galaxy Digital Mike Novogratz said in an earnings call that, according to his contacts, an approval of BlackRock and Invesco’s spot bitcoin ETF applications are a matter of “when, not if”, and likely in the next “four to six months”.
Ark Invest CEO was also bullish in her commentary on the prospect of SEC approval of spot bitcoin ETFs, saying in an interview with Bloomberg on Monday that, if the agency is going to approve a bitcoin ETF, it “will approve more than one at once”.
The approval of one or multiple spot bitcoin ETFs should open the door to substantial inflows of institutional funds into the world’s largest cryptocurrency, which could massively lift its price.
Bullish commentary on the prospect of near-term spot bitcoin ETF approvals comes after news broke on Monday that US digital payments and fintech giant PayPal is going to launch its own Ethereum network-based USD-pegged stablecoin, called PayPal USD (PYUSD).
The stablecoin will be always redeemable at a one-to-one basis for actual US dollars and will be fully backed actual US dollars and their liquid equivalents.
Swaps between dollars and PYUSD will be available initially just on PayPal, but then soon on PayPal’s popular payments platform Venmo, and should offer an easy
Read more on cryptonews.com
