Keep an eye on Coinbase (COIN).
The stock is on the move after the CBOE said it was working with Coinbase to launch a spot Bitcoin ETF. According to Reuters, the CBOE “refilled an application with the U.S. Securities and Exchange Commission (SEC) to launch a bitcoin exchange-traded fund by asset manager Fidelity. In that filing it named Coinbase as the crypto platform that would help the exchange police manipulation in the ETF.”
All after the US SEC voiced concerns the original BTC ETF filing did not name a crypto-trading platform that could help detect fraud.
Helping, Bitcoin is still showing big signs of life. Even after soaring about 84% since the end of January, it could race even higher. All as it continues to brush aside regulatory scrutiny, and as institutional interest in the cryptocurrency skyrockets.
“This is the single most bullish catalyst for crypto markets since the FTX collapse because it suggests that institutional interest still exists,” says Clara Medalie, head of research at crypto data provider Kaiko, as quoted by Barron’s.
In addition, “Institutional adoption of crypto—specifically Bitcoin—will be a big theme” in 2023, added Kate Laurence, co-founder and general partner at Bloccelerate, a Web3-focused venture fund. “If there is one silver lining that came from the regulatory crackdown is that Bitcoin has been clearly established as not a security.”
Even more impressive, traders, like Tim Draper still believe BTC could see $250,000.
In fact, he tweeted, “So much for my predictive abilities…It is June 30, 2023. When Bitcoin
was $4000, I predicted it would reach $250k (60X) by now. It has only reached $30k (7X). I guess we have to wait a little longer, (maybe 2 years) but engineers are hard at work.”
At this point, all we can do is wait and see.
BTC last traded up $33 to $30,804.20. If it can break above $31,792.55, it could potentially retest $40,000. Right now, that depends on what happens with the BTC ETF, though.