With Bitcoin embarking on a late 2023 crypto rally, market experts are now speculating on the emergence of a new crypto supercycle. According to insights from Bloomberg, this resurgence is far from ordinary, with projections suggesting that Bitcoin could soar above an impressive $500,000. The cryptocurrency market witnessed a significant moment when the dominant crypto reached $42,000, marking its highest point since April 2022.
This surge was attributed to a wave of bullish momentum fueled by optimism around potential U.S. interest rate cuts. Additionally, traders were eagerly anticipating the approval of U.S.-stock market-traded bitcoin funds, adding further momentum to the market. Notably, this unexpected late-November rally has triggered increased institutional interest in the digital asset market.
The market’s jubilant atmosphere prompted Jason Lowery, a major in the U.S. Space Force and a vocal Bitcoin advocate, to declare that the top crypto marks the beginning of a cybersecurity revolution. Lowery emphasized the strategic importance of recognizing PoS systems such as BTC at the national level, proposing its use as a safeguard against cyber-inflicted warfare.
Amid this crypto resurgence, a new player has entered the arena of spot Bitcoin ETFs. Pando Asset, a Swiss asset manager, filed an S-1 form with the U.S. SEC on November 29. Should regulatory approval be granted, Pando’s fund, identified by the ticker PBTC, will be traded on the Cboe BZX exchange, with Coinbase acting as the custodian.
Bitcoin ETFs Race Heats Up
Pando Asset joins established asset managers such as BlackRock, Ark Invest, Fidelity, and Grayscale in the competitive race to become issuers of the inaugural U.S. spot bitcoin exchange-traded fund. Despite the SEC’s current stance of not approving any spot BTC ETF applications, industry experts are speculating that the first approval may materialize as early as 2024.
As the Bitcoin rally continues to unfold, the cryptocurrency market is witnessing unprecedented developments, with experts closely monitoring the potential implications of this late 2023 surge. The stage is set for BTC to play a pivotal role not only in the financial landscape but also in national cybersecurity strategies.