© Reuters Bitcoin falls to nearly $43,000 on the second day after the launch of the Spot Bitcoin ETF
InfoQuest – Bitcoin is declining and the price is close to breaking the $43,000 level in today’s trading. This is the second day of the launch of the Spot Bitcoin ETF.
As of 12:30 AM local time, Bitcoin was down 6.22% to $43,348.50 in trading on Coinbase (NASDAQ:).
Bitcoin is trading volatile. It rose near the $49,000 level yesterday. Before continuing the fall after the US Securities and Exchange Commission (SEC) approved the creation of the Spot Bitcoin ETF.
South Korea's Financial Services Commission (FSC) issued a statement warning that U.S. spot bitcoin ETF brokerage may be illegal in South Korea.
“For South Korean securities firms to be an intermediary for Spot Bitcoin ETFs registered abroad may violate the current government position on digital assets and the Capital Market Law,” the statement said.
Bitcoin will reach the $100,000-150,000 level over the next 12 months if the SEC approves the creation of a spot Bitcoin ETF, which will attract orders from retail and institutional investors to the market, said Tom Lee, an analyst at Fundstrat.
Moreover, Mr. Lee predicts that within five years, Bitcoin will reach the 500,000 level.
Standard Chartered Bank released a report predicting that Bitcoin will reach $200,000 by 2025, and 50,000-100,000 million dollars will flow into Bitcoin this year. If approved, the Spot Bitcoin ETF will attract institutional investors to the cryptocurrency market.
If the above prediction comes true, Bitcoin will break its previous high of $69,000 in November 2021.
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