It was a historic moment when the US Securities and Exchange Commission approved 11 applications for the Bitcoin ETF. The community sang praises for estimates that the token will now inch closer to its ATH or at least continue surging every possible day. However, questions surround BTC, talking about the possibility of Bitcoin ever becoming a way for people to hold onto their values.
This comes in the wake of price volatility that has not been resolved despite the approval of ETF applications. Not that it was posed since the beginning, considering every financial instrument or investment product is subjected to market risk. It was still strongly believed that the tables for BTC would significantly turn.
That was evident at the beginning of the new phase, with BTC briefly surpassing the milestone of $47k. Now comes the aspect of volatility and the question of whether BTC will ever become a core instrument for people to store their value. BTC is massively down by ~$7k, currently exchanging hands at $40,624.97. This is a slip of 2.74%, but it further reflects a fall of 4.72% and 7.13% in the last 7 days and 30 days, in the same order.
Another reason why the fall is surprising is because it was only recently that Bitcoin was reported to surpass silver, becoming the second-best commodity ETF.
Price fluctuations are pretty normal, but it is when ups and downs are significant that the product comes under question. There is still a sign that the token may hit the jackpot worth $100k by the end of 2024. The only question is, will it first sustain the safety net of $38k or go on to break that ground for a lower fall?
ETH is not precisely in better condition either. The token, once above $2,500, is now listed at $2,379. It did fight hard to stay above the mark. Ultimately, it succumbed to the ongoing volatility and dropped to $2.4k. The current valuation is a fall of 3.99% in the last 24 hours and 6.105 in the last 7 days.
Spot Bitcoin ETF has paved the way for investors and traders to hold the product legitimately. As a matter of fact, it has also paved the way for the Ether ETF and the XRP ETF. Both products are speculated to see the limelight in the days to come. Asset managers are yet to come forward with their applications, but the community is bullish about their launch.
Meanwhile, crypto enthusiasts are looking forward to Bitcoin halving, assuming that the process will eventually fuel the rise of Bitcoin. Bitcoin halving is tentatively scheduled to happen in the middle of the year.
Also, crypto enthusiasts are looking forward to the mass adoption of BTC across the globe. Not every government is necessarily excited about it, but excitement is nevertheless obvious within the digital ecosystem.