Mon, 5/02/2024 – 9:57
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- Bitcoin halving affecting market already, per Gambardello
- “Financial institutions eyeing altcoins”
Founder of Crypto Capital Venture Dan Gambardello has taken to the X/Twitter social media platform to share an important message regarding Bitcoin and the prospects of the altcoin markets ahead of the approaching Bitcoin halvening.
He suggested the cryptocurrency community should prepare themselves for Bitcoin going parabolic.
Bitcoin halving affecting market already, per Gambardello
Gambardello reminded his Twitter followers from the crypto community that the new Bitcoin halvening event is just several weeks away (scheduled for April).
However, the crypto trader tweeted that the Bitcoin supply shock pressure is already starting to build up. The effect of the upcoming Bitcoin halving is also being strengthened by spot Bitcoin ETF issuers grabbing Bitcoin from cryptocurrency exchanges – BlackRock, Fidelity, Ark Invest, VanEck and others (while Grayscale continues to sell Bitcoin).
As reported earlier, prominent Bitcoin maximalist Samson Mow also tweeted several times that he expects a Bitcoin supply shock and Bitcoin demand shock to meet at some point after the halvening takes place.
“Financial institutions eyeing altcoins”
“Bull stampede incoming,” Gambardello concluded. He added that financial institutions are now starting to eye altcoins. Grayscale and BlackRock giants have already filed for launching spot Ethereum ETFs, but the Securities and Exchange Commission keeps delaying its decision on that. Standard Chartered banking giant expects the approval to be issued on May 23.
The approval of the Ethereum ETF will potentially cause the ETH price to skyrocket as ETF issuers will also begin to scoop up the second-largest cryptocurrency in large amounts. Crypto YouTuber Lark Davis believes Ethereum is likely to surge to the $4,000 level (a prediction first made by Standard Chartered) on that wave of financial institutions purchasing Ethereum.
Besides, Davis suggested that exchange-traded products based on altcoins other than Ethereum are likely to start emerging. He named Dogecoin, Solana, Chainlink and Avalanche coins as the basis for them in particular. These ETFs may be launched by the end of the year, Davis reckons.
He mentioned the Franklin Templeton fund, which has been tweeting about Solana recently, and in an interview with Bloomberg, the fund’s rep stated that the cryptocurrency market may see more ETFs coming from them soon. In January, they launched a spot Bitcoin ETF, EZBC.