Bitcoin ETFs rattle Wall Street as BTC crosses $63K

The emergence of Bitcoin ETFs has rattled Wall Street, stirring both excitement and concern. While some view ETFs as a gateway to broader adoption and legitimacy for BTC, others raise concerns about potential market manipulation and regulatory challenges.

Timeline of Bitcoin

A popular crypto trader believes that meme assets Dogecoin (DOGE) and Shiba Inu (SHIB) are gearing up for big moves to the upside. The pseudonymous analyst known as Altcoin Sherpa tells his 208,200 followers on the social media platform X that he is bullish on both DOGE and SHIB after their lengthy accumulation phases.

One of the biggest and most vocal bulls for Bitcoin (BTC) and commodities like gold and silver, and one of the biggest and most vocal bears for other traditional investments and – even more notably – conventional money, has for years been Robert Kiyosaki, a prominent investor and author of the best-selling personal finance book “Rich Dad Poor Dad.”

As news of Coinbase's technical glitch spread, the crypto community on Twitter couldn't help but react with a mix of humor and speculation. While some saw the glitch as a frustrating setback, others viewed it as a potential indicator of positive market activity.

El Salvador's President Nayib Bukele recently took to Twitter to address critics of the country's adoption of Bitcoin as legal tender. In his statement, Bukele claimed that El Salvador would have realized a 40% profit had it decided to sell its Bitcoin holdings at the current market rate.

Edward Snowden, a whistleblower, shared a forecast on the social platform X, hinting at a major turn of events in the cryptocurrency sector in 2024. According to Snowden, a national government is expected to covertly enter the Bitcoin market by making significant purchases of the digital currency.

Morgan Stanley's Europe Opportunity Fund has taken a significant step by opening the possibility of investing in spot Bitcoin ETFs. A filing made on Tuesday with the regulatory authorities indicated that the fund might allocate a portion of its assets, not exceeding 25%, to spot Bitcoin ETFs.

With its price rising to $60,000 over the last day, February has turned out to be quite the bullish month for the Bitcoin price. According to data from Coinglass, this green month has seen the emergence of the second most profitable February in the history of Bitcoin.

Digital asset mining company Marathon Digital Holdings (NASDAQ:MARA) reported fourth-quarter financial results Wednesday after the market close. What Happened: Marathon Digital reported fourth-quarter revenue of $156.8 million, which was up 452% year-over-year.

The significant demand from spot bitcoin ETFs, which require 2,800 bitcoins daily, compared to the production of only 900 new bitcoins in the same period, is having a major impact on price.

Traders anticipate Bitcoin (BTC) will soar past its all-time high of $69,000 in March, fueled by euphoric sentiment and institutional buying demand. The impending halving event, scheduled for mid-April, ignites bullish enthusiasm among investors, historically associated with significant price rallies.